UK-listed Gordon Dadds said it had agreed in principle to acquire all of Ince’s equity partner interests and business assets. The deal is estimated at GBP34m based on a percentage of turnover generated by Ince equity partners over a three-year period from completion. Gordon Dadds will also issue up to 3m share options at GBP1.40 per share to members of Ince.
The new firm will be named Ince Gordon Dadds with a target for completion by 31 December 2018. Gordon Dadds said the merged firm would the largest listed legal firm in the UK by revenue and a UK top 40 legal firm. It was estimated that GBP52.5m of Ince’s turnover in the year ended 30 April 2018 would be consolidated by Gordon Dadds and Gordon Dadds had an annual run rate of GBP42m at 31 March 2018.
Ince Gordon Dadds will be helmed by Gordon Dadds’ Managing Partner and CEO Aiden Biles supported by Peter Rogan, Chairman of the Board of Ince.
“The merger will build upon the complementary strengths of the two firms in terms of industry expertise and range of services. Our management model will also allow Ince’s partners and fee earners to focus even more on providing market leading legal advice to a stellar client base,” said Biles.
The merged firm will have 100 partners with offices in nine countries. It greatly expands the geographical footprint of Gordon Dadds, which has offices in London, Cardiff and Hong Kong according to its website.
Peter Rogan, Chairman of the Board of Ince, said: “This is an exciting day for us at Ince, with this cutting-edge deal being very much in line with our long-established strategy. I’m proud that the Ince name will continue and am very excited to be moving forward together as part of this innovative new structure with access to new capital allowing us to gain greater competitive advantage in the market.“