31st Jan 2019 13:38
LONDON (Alliance News) - Knights Group Holdings PLC on Thursday said it bought law firm BrookStreet des Roches LLP for up to GBP10 million to expands its Oxford office.
Knights shares were trading 8.8% higher on Thursday at 250.15 pence each.
The security services provider said the acquisition will be a "transformational" addition to its Oxford office, which will help to accelerate the company's organic growth.
Under the terms of the acquisition, Knights will purchase BrookStreet from its existing equity partners, led by Rosie Gibb for a total of up to GBP10 million. The consideration comprises of GBP7.5 million payable on completion and made up of GBP5 million in cash and the issue of GBP2.5 million in shares to the vendors.
Deferred consideration of up to GBP2.5 million will be paid in cash, comprising GBP1.6 million payable in April 2020, GBP450,000 payable in April 2021 and GBP450,000 payable in April 2022.
"With the acquisition of BrookStreet, we add to that momentum by welcoming one of the most highly regarded teams outside London, with a particular strength in real estate," said Chief Executive David Beech.
"Its combination with our existing team will position us as one of the leading legal and professional services firms in the region - a transformational step for Oxford," Beech added.
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