LECG Wants SMART and Great Hill's Money

Expert services and consulting firm LECG (NASDAQ, XPRT) has agreed to acquire SMART Business Advisory and Consulting through an all-stock deal and to receive a $25 million investment from SMART's owner Great Hill Partners. The stock deal is valued at $39.9 million based on LECG's Aug 14th stock price and, including assumed liabilities, values the company at $72.3 million. As part of the deal, Great Hill will invest $25 million in LECG for preferred stock that, when combined with its stock from the sale of SMART, will give it a 40% stake in the combined company.