Xenith IP Group Limited (ASX:XIP) has announced it will acquire Griffith Hack, an Australian specialist IP firm, for $152 million.
Griffith Hack is one the largest privately owned IP firms in Australia with over 110 years of history.
Xenith has indicated the acquisition will see it benefit from a range of strategic and financial opportunities as well as diversify and enlarge its client profile and scope of service offering.
The acquisition will be partly funded by a $68 million capital raising.
Xenith IP Group Limited reported a net profit of $6.5 million at 30 June 2016.