So, here are some of the (eye-popping) numbers being talked about for Slater & Gordon's purchase of Quindell's legal services division.
To start with, when talks first began I am told by sources that Slater & Gordon said it will pay a non-refundable £15 million to enter into exclusive discussions with Quindell.
Since then, the Australian law firm has been crawling over of Quindell's legal services (QLS) business, doing due diligence.
I have also been told that Slater & Gordon, which is being advised by Greenhill, has indicated it could be willing to pay around six times sustainable revenue for the legal services division.
Given QLS sustainable revenues are thought to be around £180 million, the final sale price is looking pretty punchy!
Sources say Slater & Gordon is willing to structure a deal with cash and using its own shares although I'm not quite sure how that works when you are paying for just a division of a UK-listed company with Australian paper. But I can't wait to find out...
Quindell and Slater & Gordon both declined to comment. However, people close to the situation cautioned it's still "early days" and a deal may not happen.
A very interesting read and a great post altogether.Baamir
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