Inflexion Private Equity Partners is buying UK-listed global law firm DWF Group in a recommended all-cash offer for £342 million, according to a report by Marketwatch.
DWF shares rose 13% following the announcement on Friday. Its price had earlier risen after the legal and business services provider DWF and London-based middle market Inflexion said last week they were in talks regarding a possible deal.
Under the agreed terms, DWF shareholders will receive a total consideration of 100 pence a share, which includes 97 pence a share in cash and 3 pence a share from a special dividend.
The offer price represents a 53% premium to DWF’s closing price of 65.5 pence on July 7. The transaction is set to become effective around the fourth quarter of 2023 subject to conditions.
“The DWF board of directors recognises the opportunities that could be delivered under private ownership with Inflexion, which includes access to significant capital to invest in staff and technology, accelerated lateral hiring and transformative acquisitions across jurisdictions,” chairman Jonathan Bloomer said.