New Zealand intellectual property firm AJ Park has joined the IPH Ltd group of companies from 1 November.

IPH is an ASX listed holding company for a number of intellectual property and associated companies offering services and products throughout the Asia-Pacific region.

Information released by the parties says AJ Park is the first New Zealand patent attorney firm to be acquired as a result of legislation which took effect from February 2017, which removed restrictions on ownership structures for patent attorney firms.

The total purchase consideration for AJ Park is NZ$66.1 million adjusted for net debt and working capital adjustments.