Global law firm DWF has agreed a £342m takeover deal with private equity group Inflexion.
The agreement comes after BusinessLive reported on July 10 that the two were in talks over a possible acquisition.
DWF, which is headquartered in Manchester, said its shareholders would be entitled to receive a total consideration of 100p per share.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
In a statement issued to the London Stock Exchange, Inflexion said: "Inflexion has tracked the legal and alternative legal service provider sectors for a number of years and recognises the genuinely differentiated proposition that DWF offers through its integrated legal management approach, which provides integrated legal and business services to its clients globally.
"Inflexion believes private ownership is preferable for DWF given the growth opportunities available to it.
"Inflexion fosters a close working relationship with management for quick and efficient decision making, partnering with management teams to accelerate growth in the best interests of all stakeholders, including employees.
"With access to a significant amount of capital, the Inflexion Funds are well-capitalised and able to support DWF in continuing its strategy of acquiring bolt-on businesses, which is core to the investment thesis.
Most Read
"Inflexion intends to support DWF management to accelerate DWF's organic and inorganic growth story."
As well as Manchester, DWF has 海角视频 offices in Belfast, Birmingham, Bristol, Edinburgh, Glasgow, Leeds, Liverpool, London and Newcastle.
It also has offices in Australia, Canada, France, Germany, Hong Kong, Ireland, India, Italy, Saudi Arabia, Poland, Portugal, Qatar, Singapore, South Africa, Spain, Turkey, the UAE and USA.
In the 12 months to April 30, 2022, DWF's revenue totalled £416.1m while it made a pre-tax profit of £22.3m.
In the six months to October 31, 2022, the group's revenue was £212.1m and its pre-tax profit was £12.9m.
For its latest financial year, DWF said it expects to report a net revenue of around £380m.
Inflexion's portfolio currently includes the likes of Mountain Warehouse while it is a previous backer of Goals Soccer Centres, Jack Wills and On The Beach.
Don’t miss
DWF chairman Jonathan Bloomer said: "The DWF board of directors is pleased to announce its unanimous recommendation of this acquisition, which is highly attractive not only for our internal and external shareholders, but also for our clients, employees and other stakeholders.
"DWF is a leading global provider of integrated legal and business services, with its success driven by the quality of its people, the strength of its client relationships and its truly integrated business model.
"The DWF board of directors recognises the opportunities that could be delivered under private ownership with Inflexion, which includes access to significant capital to invest in staff and technology, accelerated lateral hiring and transformative acquisitions across jurisdictions.
"Inflexion has a clear ambition to support the management team to execute its strategy to create a global professional services business emanating from the legal sector and this will enhance the already exceptional and differentiated services that we deliver for our clients."
Flor Kassai, head of Inflexion's Buyout Fund, added: "We have followed DWF's progress since IPO with interest and have been very impressed with the development of the business and expansion of its offering to date.
"We are excited to partner with DWF as we look to support the business in delivering on its vision to become the leading provider of integrated legal and business professional services, through continued strong organic growth and targeted acquisitions in the 海角视频 and international markets."