Integrated Legal Holdings has acquired MDA lawyers, a tax advice and litigation law firm, as part of its strategy to expand its core member firms into major businesses.
The tuck-in acquisition went for $1.7 million cash, as well as an issue of 1.3 million shares at 13.5 cents each. A part of the cash component will be delayed until the 2010 financial year, and is subject to financial performance. The cash component was funded from surplus cash reserves.
The tuck-in acquisition will operate under the Argyle Lawyers brand of the company. The merged company will have seven principals, 40 staff and an annual income of approximately $9 million.
The director of MDA Lawyers, Mark Douglass, will join senior management of the business. MDA Lawyers has an annual income of $2.5 million, and five lawyers.