AJ Park to buy rival Baldwins
New Zealand-based IP firm AJ Park has revealed plans to acquire its competitor Baldwins for NZ$7.9 million ($5.1 million).
Announced earlier this week, the deal will see Baldwins join the AJ Park business and operate as one firm.
The transaction remains subject to a number of conditions, including clearance by the New Zealand Commerce Commission, and the deal is expected to complete in the third quarter of 2020.
AJ Park’s managing director, Andrea Dickens, said: “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. We look forward to welcoming the Baldwins partners and staff to AJ Park.”
Australian Stock Exchange-listed IPH Ltd, which owns AJ Park, said the NZ$7.9 million purchase price includes a deferred consideration of NZ$400,000. The initial amount will be paid 65% in cash and 35% in IPH shares.
Wes Jones, Baldwins’ chairman, said: “We believe this combination will allow us to best position our business for the future, both in New Zealand and internationally. As a combined firm we can provide enhanced career opportunities for our people and offer a strengthened client service capability including an enhanced international offering.”
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