Huron to Sell Legal Business for $112 Million
Huron Consulting Group has agreed to sell its legal business, the firm’s second-largest unit, for more than $112 million, to a Washington, D.C.-based e-discovery and document review firm, reports Crain’s Chicago Business.
Consilio will buy the Huron group before the end of the month for $112 million in cash, plus a $3 million to $6 million post-closing payment contingent on the firm’s 2015 financial results, Huron executives told analysts in a conference call late Wednesday. Huron plans to use the cash to increase the firm’s share repurchase program to $125 million, which includes the outstanding $36.5 million in the current repurchasing scheme, now extended through Oct. 31.
“The legal business advised company law departments and their outside counsel on cost and risk reduction and operational efficiency, offering contract and records management, document review and discovery services,” the report says.
