LONDON (dpa-AFX) - Law Debenture Corp Plc. (LWDB.L) announced Tuesday that its unit Law Debenture Corporate Services Limited or LDCS has entered into a binding agreement to buy the company secretarial unit or CSS of Konexo UK. The total consideration for the acquisition is 20 million pounds, payable in cash.
The acquisition is expected to be EPS enhancing and accretive to the company's long-term strategic vision and to value.
The acquisition consists of the company secretarial business and assets from Konexo UK, a division of Eversheds Sutherland International LLP. The transferring team has 55 employees, with 15 based in London, 1 in Hong Kong and the remainder in Manchester.
The business services a client base of 480 in more than 100 jurisdictions. For the financial year ended April 30, 2020, CSS recorded revenues of 6.2 million pounds, and estimated EBITDA of 2.2 million pounds.
The company plans to fund the deal from its own resources. Completion of the acquisition is expected by the end of January 2021.
The company said the deal complements its existing company secretarial offering.
Law Debenture expects to announce its full year 2020 results on February 26.
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