(Alliance News) - Law firm DWF Group PLC said Wednesday it has agreed to acquire legal and managed services business Mindcrest Inc for up to USD18.5 million.
The consideration consists of an initial consideration of USD2.4 million in cash, and USD8.5 million through the issue of 5.0 million shares, followed by USD7.5 million in cash, which will be deferred and phased over a period of six months.
The acquisition is subject to some pre-conditions, which are expected to be fulfilled in the next four to six weeks.
Acquiring Mindcrest is expected to significantly expand DWF's capabilities in managed services, and is expected to deliver GBP2.9 million in cost savings by its 2022 financial year.
"I am delighted to have completed another important acquisition for DWF and to welcome Mindcrest to our group. Mindcrest is an excellent fit for our business, allowing us to rapidly expand our Managed Services offering in both existing and new areas, accelerating growth in this key offering that remains central to our strategy," said Chief Executive Officer Andrew Leaitherland.
"Managed Services continues to be a real differentiator for DWF, and Mindcrest will provide the resources to better support our clients globally by meeting their requirements where and when they need them," Leaitherland added.
Shares in DWF - which is based in Manchester - were up 1.1% at 128.54 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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