Slater and Gordon Limited
(ASX:SGH) say that Quindell share holders have approved the sale of the Professional Services Division to Slater and Gordon.
The Australian legal firm have paid $1.225 billion for the UK personal injury law business which has been struggling of late. The deal is expected to deliver a 30 per cent rise in earnings per share within its first year.
Ken Fowlie, who will return to the UK to head up the business, says that an assessment of PSD’s historical performance shows future potential and gives the team great confidence in the opportunity.
There are still a few regulatory approvals to clear around the acquisition which is expected to close later next month.
Slater and Gordon reported a net profit of $33.7 million for the first six months of the 2015 financial year.
