Xenith to buy Watermark in $19.5m deal down under
Australia-based Xenith IP Group is to buy intellectual property law firm Watermark for A$19.5 million ($14.9 million).
Xenith, a holding company which comprises Shelston IP, Shelston IP Lawyers and Xenith IP Services, announced the deal on Tuesday, August 23.
According to Xenith, it will allow Watermark to continue to run as a standalone operating business, maintaining its independent brand under the Xenith umbrella, with shared corporate services including IT systems and support functions.
Stuart Smith, managing director at Xenith, said: “Watermark holds a prominent market position within the Australian IP sector. We are very excited by the opportunity to work with Watermark and its existing team to grow the combined businesses under the Xenith banner.”
Karen Sinclair, chair of Watermark, added: “We believe the combination of Xenith and Watermark will bring considerable benefits and opportunities for our clients and our respective personnel.
“We look forward to joining Xenith and combining our shared traditions of service excellence and our deep legal, technical and business expertise.”
The acquisition is expected to be completed in early October 2016.
