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AFL acquisition of Watts McCray completed
Listed family law practice AF Legal has completed its acquisition of NSW firm Watts McCray, which it says makes it the first national specialist family law firm in the country.
Jerome Doraisamy
In a statement to ASX on Wednesday, 16 June, AF Legal Group (ASX: AFL) – also known as Australian Family Lawyers – issued 308,948 shares as consideration for the acquisition, representing half of the upfront share consideration, with the balance pending post-completion working capital adjustments.
The vendors of Watts McCray are entitled, the firm continued, to “receive further deferred share consideration of up to $1.125m paid in three annual instalments subject to minimum performance conditions at the completion of the financial periods ending 30 June 2021, 30 June 2022 and 30 June 2023”.
AFL executive chairman Grant Dearlove (pictured) said: “We are pleased to welcome Watts McCray to the team and we look forward to working together to provide a broader depth of services to Australians and foreigners seeking Family Law Advice.
“AFL is now not only the first national specialist family law firm in Australia, we are the largest by scale giving us a competitive advantage to grow our market share.”
AFL first announced its acquisition of Watts McCray in March 2021, with the deal being formalised in April.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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