Addleshaw Goddard partners vote on HBJ Gateley merger
Addleshaws partners are voting on a merger with HBJ Gateley with the vote set to close by the end of the month
November 25, 2016 at 06:06 AM
3 minute read
Addleshaw Goddard partners have started voting on whether to go ahead with plans to merge with Gateley's Scottish arm.
The vote, which opened after the deal was announced earlier this month, is set to close by the end of November.
If the union with HBJ Gateley is approved by both sides, the combination will boost Addleshaws' revenue by £20m and gift the firm new offices in Edinburgh, Glasgow and Aberdeen.
One partner at the firm said that the move has "been met with broad approval by pretty much everybody".
"This is a good thing for us and a good thing for HBJ, and we are looking forward to getting that consummated," the partner added.
Some in the market have raised questions about the strategic sense of the Scottish expansion plans. One former partner said: "It is slightly surprising given how tough the Scottish market has been since 2008."
However, a current partner argued that the deal "ticks all the boxes" as it provides the firm with a "capability that we need in order to retain existing relationships".
Another partner at the firm said he was in favour of the merger as "we do a lot of work in Scotland, particularly financial regulatory work, and we have a lot of clients up there".
The deal is being pitched particularly around financial services, real estate and energy, and is driven by a desire to offer clients a full, UK-wide offering.
Should the merger go ahead, some of HBJ Gateley's partners are set to come in on a lower level of the lockstep. The category C level will sit below Addleshaws' existing equity and fixed-share tiers.
One partner said this was "inevitable". He added: "When you get different firms combining, you need a structure that reflects and accommodates their differences."
HBJ Gateley has confirmed that it is to sever its 10-year relationship with listed English firm Gateley Plc by May next year.
Addleshaws previously held merger talks with Scottish firm Maclay Murray & Spens, with news of the discussions emerging in November 2015. However, the two sides were unable to come to an agreement and the talks collapsed in early 2016.
The firm has also been in talks with US firm Hunton & Williams during the past year.
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