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AF Legal (ASX:AFL)- Executive Chairman, Grant Dearlove
Executive Chairman, Grant Dearlove
Source: Business News
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  • AF Legal (AFL) has signed an agreement to merge and purchase Watts McCray, one of Australia’s leading family law firms
  • AFL will purchase all Watts McCray shares for $375,000 million in cash upfront and $1.1 million in deferred shares
  • The deal is expected to settle in April
  • Notably, Watts is known to have some of the markets’ leading and most respected lawyers and recently won Global 100’s “Family Mediation Law Firm of the Year 2021” award
  • On the market this afternoon, AFL is up 4.95 per cent and is trading at 53 cents per share

AF Legal (AFL) has signed an agreement to merge and purchase Watts McCray, one of Australia’s leading family law firms.

Watts has provided Family Law legal services to clients in New South Wales. It has five locations across Greater Sydney and the Australian Capital Territory.

The purchase will see AFL purchase Watts shares for $375,000 million in an upfront cash consideration and $1.1 million in deferred share consideration.

The transaction is expected to be completed in April, but is subject to a due diligence.

Watts recently won Global 100’s “Family Mediation Law Firm of the Year 2021” award, and, according to AF Legal, has some of the markets’ leading and most respected lawyers.

“We have observed how successfully AFL has disrupted the family law market and grown its national footprint since listing on the ASX. Our team shares the same strategic vision for the family law market both in Australia and internationally,” Watts Managing Director Jackie Vincent said.

Meanwhile, AF Legal Executive Chairman Grant Dearlove is excited about the merger.

“This merger with one of Australia’s most recognised family law firms is a significant step in our growth strategy and expands our national footprint to three new locations in Australia’s largest region,” he said.

“We will combine our innovative client acquisition model and NewLaw practice with the pedigree, brand, and legal power of Watts McCray to accelerate our growth,” he added.

On the market this afternoon, AFL is up 4.95 per cent and is trading at 53 cents per share at 2:20 pm AEDT.

AFL by the numbers
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