Australia's IPH eyes best day ever on deal to buy Canadian IP firm, profit surge

IPH

18/08/2022 02:07

** Shares of IPH Ltd  IPH.AX  surge as much as 17.1% to
A$10.3 - set to mark their best day ever if gains hold
    ** Stock hits highest since Feb. 17, 2020
    ** Intellectual property services provider says reached a
deal to buy Canadian IP firm Smart & Biggar for A$387 mln
($268.69 mln)  urn:newsml:reuters.com:*:nFWN2ZT5DA 
    ** Says deal expected to be 10% accretive to underlying EPS
in first year
    ** IPH posts 14% jump in annual underlying profit to A$86.7
mln  urn:newsml:reuters.com:*:nFWN2ZT5DD
    ** Declares final dividend of 16 Au cents per share
    ** IPH up 0.2% YTD, as of last close 
    
($1 = 1.4403 Australian dollars)

 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))