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AJ Park acquires rival IP firm Baldwins
Australian intellectual property legal services giant IPH Limited has reached an agreement to acquire New Zealand IP firm Baldwins Intellectual Property.
Tony Zhang
ASX-listed IPH Ltd, which owns AJ Park, said it would proceed in an announcement to ASX with completion expected in the third quarter of this year.
“Baldwins is a highly regarded firm in the New Zealand market and we believe this acquisition will give our merged businesses greater depth and provide our clients with access to a complementary team of experienced IP professionals,” said AJ Park managing director Dr Andrea Dickens.
“We look forward to welcoming the Baldwins’ partners and staff to AJ Park.”
The transaction is subject to a number of conditions including clearance of the proposed acquisition by the New Zealand Commerce Commission.
AJ Park IP will acquire the patent attorney business of Baldwins and the benefit of Baldwins’ legal business through the acquisition of that legal business by AJ Park IP’s allied law firm AJ Park Law.
Lawyers Weekly understands the deal, which is conditional on Commerce Commission approval, was set to go ahead in March but was delayed while the businesses worked through the COVID-19 lockdown.
IPH expects the transaction to be completed by the first quarter of FY21.
Baldwins is a legacy law firm in New Zealand, established in 1896 with offices in Auckland and Wellington. In FY20 the firm generated approximately NZ$2 million in EBITDA.
The NZ firm has a large variety of clients including large multinational corporations like Harley-Davidson, as well as universities, government agencies, start-ups and individual inventors.
Ms Dickens said it was the largest player in the intellectual property space in New Zealand with Baldwins also in the top three.
She didn’t anticipate there being any difficulties in getting the deal over the line with the competition regulator.
“We are very confident we will get Commerce Commission clearance,” she said.
She said the IP market had become increasingly competitive and fragmented over the last 10 years with Australian patent attorneys also able to file in New Zealand.
“So there will be plenty of competition,” she said.
