Total
0
Shares
AF Legal (ASX:AFL)- Executive Chairman, Grant Dearlove
Executive Chairman, Grant Dearlove
Source: Business News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • AF Legal Group (AFL) is set to acquire Melbourne-based family law firm, Kordos Lawyers
  • Both companies believe the merge will expand AF Legal’s presence in Victoria and offer clients more ways to receive the best family law services possible
  • AF Legal will make an upfront payment of $250,000 which will be equally split into cash and shares
  • The company will also pay a total of $750,000, to be split into cash and shares, over three annual instalments
  • AF Legal will conduct due diligence and obtain necessary approvals. If all goes to plan, the deal will wrap up by July 1
  • Company shares ended the day a slight 0.85 per cent in the green to close at 59 cents

AF Legal Group (AFL) has signed a binding heads of agreement to acquire Kordos Lawyers.

The Kordos Lawyers firm will merge six lawyers, including three accredited specialists, into AF Legal.

Kordos Lawyers is a Melbourne-based family law firm who have been operating for the last 16 years. With a focus on family law litigation advocacy, the firm has established a reputation for giving high-quality legal advice and has historically served over 150 clients each year.

“We believe that our merged business in Melbourne will accelerate the growth of AFL and offer Australians more ways to retain and receive the best family law service possible in our state of Victoria,” Kordos Lawyers Managing Partner Bill Kordos said.

AF Legal will pay a $250,000 upfront consideration which will be equally split into a combination of cash and shares. In addition, the company will pay a total of $375,000 in deferred cash and $375,000 in deferred shares over three annual instalments which are subject to performance conditions at the end of the 2022, 2023 and 2024 financial years.

AF Legal expects to fund the cash consideration from existing cash reserves.

“Victoria is the original home of AFL where business commenced only 6 years ago.
Despite our successful growth in the region, the acquisition of Kordos Lawyers will accelerate our significance in the Melbourne market particularly in the more affluent demographic where Kordos Lawyers has practiced so successfully,” AFL Executive Chairman Grant Dearlove said.

Before the transaction can be completed, AF Legal will need to conduct due diligence and obtain necessary approvals. If all goes to plan, the deal will wrap up by July 1.

Company shares ended the day a slight 0.85 per cent in the green to close at 59 cents.

AFL by the numbers
More From The Market Herald
Kleos Space (ASX:KSS) - CEO, Andrew Bowyer

" Kleos Space (ASX:KSS) to build and launch Observer Mission

Kleos Space (KSS) has signed new contracts with satellite builder Innovative Solutions in Space (ISISPACE) and global launch services provider, Spaceflight.
Amaero International (ASX:3DA) - CEO, Barrie Finnin

" Amaero International (ASX:3DA) to make rocket motor parts for Gilmour Space

Amaero International (3DA) has secured a heads of agreement (HoA) with Gilmour Space Technologies.

" DGL Group (ASX:DGL) to buy Shackell for $8.9m

Specialist chemicals business DGL Group (DGL) has agreed to purchase Shackell Transport for $8.9 million.

" CIM propose $840M 2019 profits with digital shift

CIMIC Group Executive Chairman expects a 2019 performance of $790m  million $840 million.