LONDON (Alliance News) - Quindell PLC Monday said it is still discussing the potential sale of its professional services division to Australian law firm Slater Gordon Ltd, with one of the deal structures talked about involving an "upfront value of GBP640 million and a share of receipts from settlement of noise induced hearing loss cases".
However, the legal services and insurance outsourcing company said there is no certainty that the talks will lead to an offer for the division.
Quindell's statement confirmed a report in The Sunday Times that said Slater & Gordon is on the verge of sealing a takeover of Quindell's legal services business for an upfront payment of GBP640 million in cash, plus 50% of receipts from noise-induced hearing loss cases, saying City sources suggested this could raise the total value of the deal to GBP900 million.
Quindell shares were up by 29% at 128.48 pence on late Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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