(Alliance News) - Legal and professional services provider Gateley Holdings PLC said Tuesday that it has acquired land referencing consultancy Persona Associates Ltd for GBP250,000.
Gateley will satisfy GBP153,728 of the consideration via issue of 94,312 ordinary shares at 163 pence per share. The remaining deferred consideration will be settled as to 60% in cash and as to 40% in shares.
The company expects expects the acquisition to be immediately earnings enhancing.
The acquisition will enable the company's unit Gateley Hamer to deliver additional value added land and property information via an end-to-end service for infrastructure, regeneration and housing projects. The deal will also deliver efficiencies to the production of title reports for house builders and commercial developers and enable plans to be produced at an earlier stage in order to support Gateley Legal's Residential Development and Real Estate teams.
"Persona and Gateley Hamer have worked together on a number of long-term projects in recent years and we know there are many synergies that will benefit clients. This is an exciting opportunity for the group and sits within the diversification part of our strategy to establish complementary business services that support the legal side of our business," said Gateley Chief Executive Michael Ward.
Shares in Gateley were up 0.6% at 167.75 pence each on Tuesday.
Gateley Holdings (GTLY)