Knights (KGH) is set to acquire Fraser Brown Solicitors, one of the largest independent law firms in Nottingham, for a total consideration of up to £8.4m. The payment comprises £2.8m in cash upon completion, the issue of £3m-worth of new shares and a deferred cash consideration of up to £2.4m.
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Fraser Brown is a ‘full-service’ law firm doing both commercial and private legal work across the East Midlands. Adding 81 new fee earners, it is expected to boost Knights’ earnings in the first financial year post-acquisition and deliver a pre-tax profit margin in excess of 15 per cent.
