Slater & Gordon Offers $947M for U.K. Claims Processor
Arnold Bloch Leibler is Australian counsel to Slater, while London-based Macfarlanes is advising on English law.
March 30, 2015 at 03:02 AM
2 minute read
Australian Securities Exchange-listed plaintiffs firm Slater & Gordon has announced the $947 million proposed acquisition of a legal division of British insurance claims processor Quindell Plc.
Slater & Gordon is buying the professional services arm of Quindell that primarily handles legal matters in car accident claims. It has been Quindell's main source of revenues and will help to expand Slater & Gordon's foothold in the U.K. personal-injury insurance market, according to a statement from the firm. In February, the firm acquired personal-injury specialists Walker Smith Way and Leo Abse & Cohen.
Slater & Gordon said it would fund the acquisition by selling $688 million in newly issued share and $260 million from a bank loan. The sale is still subject to a shareholder vote on April 17. Quindell's board of directors has recommended the deal to its shareholders.
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