Legal eagles Slater and Gordon Limited
(ASX:SGH) say they will pay $1.225 billion for the ailing Quindell personal injury law firm in the UK.
Quindell was a darling of the UK markets on an aggressive growth strategy before the stock price plummeted 94 per cent when a joint broker resigned.
Quindell is believed to hold around 6 per cent of the lucrative UK insurance injury claims business. Slater and Gordon say the purchase is transformational to its growth in the near $5 billion UK personal injury market.
The Australian law firm hope to raise $890 million through an entitlement offer with the remaining $375 million to be covered by bank debt.
Slater and Gordon made a net profit of $33.7 million for the half year to end of December 2014
