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Quindell confirms talks with Australian law firm for sale of unit
January 22, 2015 / 5:24 PM / 3 years ago

Quindell confirms talks with Australian law firm for sale of unit

(Reuters) - British technology and outsourcing company Quindell Plc QPP.L confirmed it was in exclusive talks with Australian law firm Slater & Gordon Ltd for a possible sale of an operating unit.

Quindell said on Thursday there was no certainty the talks would lead to an offer or a deal.

The company said early this month that it had entered into exclusivity arrangements with a “third party” for the possible disposal of an operating unit to improve its working capital profile.

Quindell’s shares rose as much as 17 percent to 123.50 pence on the London Stock Exchange on Thursday.

Up to Wednesday’s close, the stock had fallen 82 percent since April 21, a day before short-seller Gotham City Research questioned the company’s revenue model and profit quality.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Kirti Pandey

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