Listed Aussie firm Slater & Gordon confirmed this week that it would buy UK personal injury firm Fentons for more than £32m.

When RollOnFriday reported last week that the acquisition would be announced on Tuesday, S&G harrumphed that the news was pure speculation. But the deal was indeed announced to the Australian Stock Exchange as predicted, and it's a pretty juicy one. Fentons' partners will get £24.25m cash up front, with a further £4m equity and a conditional £4.25m over two years.

Fentons has 38 partners, but it's not clear how many of them are in the equity. What is clear is that they voted for the deal unanimously, and that they'll make a fortune overnight. Senior Partner Kieran Maguire said that "at a time when Government reforms are putting greater pressure on claimants and their lawyers, we feel by combining our talents, we will be able to serve our clients and articulate their causes better. And I've always rather fancied an Aston Martin*."

    Fenton hits payday

Fentons isn't the first UK firm to be acquired by S&G: Russell Jones & Walker was bought in 2012, and the personal injury team at Taylor Vintners was snapped up earlier this year. And nor will it be the last. Goodmans is set to be acquired later this month and the firm is in talks with Simpson Millar. With this sort of cash to spend, PI firms across the country must be queuing up.

*Last sentence of quote entirely made up by RollOnFriday.
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