SYDNEY, AUSTRALIA: IPH Limited (IPH) has completed the acquisition of Canadian IP services firm, Ridout & Maybee, as announced on 17 August 2023.

The approximately CAD 65m (AUD 74.7m) purchase price for the acquisition was funded by:

• The issuance of 2.8m new IPH shares to the vendors at an issue price of AUD 7.82 per share (with those shares being escrowed for 2 years from completion, subject to certain exceptions); and
• Cash payments of approximately CAD 45m (AUD 51.7m1), subject to net debt and working capital adjustments, funded by IPH’s debt facilities.

As part of the transaction, IPH has refinanced and extended debt facilities with financiers in Australia and Canada for a further 3 – 4 years. IPH’s net debt is approximately AUD 336m (calculated as drawn debt less IPH’s reported cash as at 30 June 2023) with pro forma leverage ratio of 1.8 times.