HSM Group has announced that it will acquire Higgs & Johnson in the Cayman Islands, subject to regulatory approvals.
“We are pleased to confirm that the HSM Group will be acquiring the Cayman operations of Higgs & Johnson, with whom we have had a long-established relationship,” said HSM Managing Partner Huw Moses. “Further announcements will be made as the transaction progresses and once the necessary approvals are obtained.”
Higgs & Johnson said the negative impact of COVID-19, so closely after Hurricane Dorian in the Bahamas, the home jurisdiction of the firm, prompted “a careful analysis of its business operations”.
“As part of this analysis, Higgs & Johnson, which is headquartered in The Bahamas, has made the difficult decision to divest itself of its business operations in the Cayman Islands,” the law firm and corporate service provider said in a statement.
Higgs & Johnson and H&J Corporate Services (Cayman) Ltd. will remain operative to allow the orderly transition of the business to the HSM Group. Employees were informed of the decision on Tuesday.
Higgs & Johnson said the firm will assist staff during this process and continues to rely on their professionalism and support. The firm employs seven attorneys and 17 staff in total in Cayman.
“Higgs & Johnson wishes to thank the people of the Cayman Islands for the warm welcome it has received since its merger with Truman Bodden & Company 11 years ago. Not the least of which have been the committed members of the Cayman team – staff, attorneys and partners – who have taken the Cayman operation from strength to strength,” the firm said. “Chris Narborough, Philip Boni, Derek Jones and Gina Berry have all served as country managing partners over the period of our Cayman existence and Higgs & Johnson publicly acknowledges their efforts with sincere gratitude.”
The firm said it would seek to minimise the impact of the transaction on local staff and clients.
Higgs & Johnson and HSM Group have a long established relationship that is expected to continue on Bahamian-related matters.