Smart & Biggar IP Agency Co. reached an agreement to acquire Ridout & Maybee LLP for CAD 66 million on August 17, 2023. As for consideration, IPH Limited (ASX:IPH) will pay Cash consideration of CAD 46 million and initial issue of 2.9 million new IPH shares to a value of CAD 20 million.

The transaction consideration will be funded from IPH debt facilities, existing cash reserves and the issuance of IPH shares to the vendors. Ridout & Maybee LLP will operate under the Smart & Biggar brand. Ridout & Maybee partners will join Smart & Biggar as Principals and will generally enter into four-year minimum term employment agreements as a part of the transaction.

Completion of the transaction is subject to satisfaction or waiver of a number of conditions, including there being no order or proceeding for the purpose of preventing completion, no material adverse change affecting Ridout & Maybee or IPH occurring, and other standard conditions. The transaction can be terminated if any of these conditions are not satisfied or waived and can also be terminated in certain other circumstances. Aquasia Pty Ltd acted as financial advisor, Cassels Brock & Blackwell LLP, Lapointe Rosenstein Marchand Melancon and Bird & Bird LLP, Australia acted as legal advisor to IPH Limited.