Commercial law firm DWF has announced it has acquired a leading Spanish law firm in a move to establish a “major presence in Spain”.
DWF is set to pay up to €50.5m - £42.5m - for Rousaud Costas Duran, which will see 40 new partners and around 400 people in total join the firm.
It said: “The strategic acquisition will significantly expand DWF’s international capabilities via offices in Madrid, Barcelona and Valencia and provide access to an extensive network of connections in the Iberian Peninsula and Latin America.”
The firm will pay €7.4m - £6.2m - in cash at completion with up to €15.5m - £13.1m - in deferred or contingent cash consideration.
Andrew Leaitherland, DWF chief executive, said: “I am delighted to welcome our RCD colleagues to DWF in another important step for the business.
“RCD has a range of potential synergies with DWF, with significant capabilities and sector overlap in our three global areas of insurance, financial services and real estate.
He continued: “As leading legal innovators, our businesses have a strong focus on doing things differently, and this is the next logical step towards providing Complex, Managed and Connected Services globally.
“The transaction also builds on our recent acquisition in Poland, displaying our international expansion ambitions and continued delivery on our IPO priorities.”
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The acquisition announcement comes alongside its half-year results, in which it reported ‘strong organic growth’ and ‘good progress’.
For the six months ended October 31, DWF reported a net revenue growth of 10 per cent to £146.8m, up from £133.4m on the same period the previous year.
Gross profit also grew two per cent to £73.7m, up from £72.3m.
However, gross profit margin was down from 54.2 per cent to 50.2 per cent, while adjusted profit before tax dipped by 26 per cent to £9.9m.
Reported profit before tax was also down to £4.7m, from £5.3m on the same period the previous year.
Mr Leaitherland said: “Our business continues to evolve in line with our strategy, with international and connected services being our key areas of investment.
“This is evident in the growth achieved in the first half of the year in these two divisions, with further investments made in key capabilities and locations where our clients need us to be, such as Poland and Dusseldorf, Germany.
“This will help to drive the business forward in the second half of this year and beyond. Growth in International and Connected Services was underpinned by a solid performance in the 海角视频 business, with Insurance Services delivering double digit organic growth and Commercial Services showing resilience in a tough market.”