IPH Ltd (ASX: IPH) shares are up 2% today on news it acquired New Zealand intellectual property firm AJ Park by an acquisition of its patent attorney business.
The total purchase consideration is NZD66.1m, being 7.5x FY17 normalised EBITDA, adjusted for net debt and working capital adjustments.
The consideration will be settled with approximately 60% in cash and approximately 40% in new IPH shares.
IPH's Managing Director, David Griffith commented that, "the addition of such a high quality IP business will further strengthen IPH's position as a leading group in the secondary IP markets".
AJ Park is a full service IP firm with a substantial local client base servicing clients ranging from large multinational corporations and universities, to start-up companies and entrepreneurs.
IPH Ltd is an intellectual property services firm. IPH offers a wide range of services for the protection, commercialisation, enforcement, and management of intellectual property.
The share price has risen of late, being up 10.5% this month so far. The company announced a $42 million NPAT for FY2017, up 9% on the previous year.
