ASX-listed Integrated legal Holdings (ILH) has acquired PLN Lawyers under a tuck-in acquisition with existing member firm Argyle Lawyers. 

PLN Lawyers is a Sydney-based commercial law firm and houses the Pacific Legal Network (PLN) which was established in 2002.  Its mission is to be the leading provider of legal and business advisory services to corporations and international institutions operating in the Pacific region. Its clients include Australian, Asian, American and European-based companies with business interest in the region.

The firm consists of eight staff including founder and principal John Ridgway, and has an approximate annual fee income of A$2m. Once joined with Argyle Lawyers, another member of ILH,  the two firms will have a combined staff of 40, including six principals, and an annual fee income of more than A$10m.

The purchase of PLN involves a combination of shares and cash. PNL will receive 3.04m ILH shares at 11.5 cents a share, while the additional cash component will be funded through surplus cash reserves and is not payable until September 2012, subject to PLN achieving revenue and profitability targets for the period to June 30, 2012.

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