IPH completed the acquisition of Canadian IP services firm Ridout & Maybee for approximately CAD$65 million ($74.7 million).

The purchase was funded by issuing new IPH shares at $7.82 apiece and cash payments of around CAD$45 million ($51.7 million) funded by IPH's debt facilities.

As part of the transaction, IPH has also refinanced and extended debt facilities with financiers in Australia and Canada for three to four years.

IPH's net debt stands at approximately $336 million.