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Quindell Portfolio, has signed deals to acquire claims management company Accident Advice Helpline (AAH) and law firm The Compensation Lawyers (TCL).
Aim-listed Quindell, which earlier this year paid £20m for Liverpool firm Silverbeck Rymer (24 January 2012), has struck a deal with AAH’s parent company Abstract Legal Holdings to become AAH’s sole legal services provider. According to a statement from the company, Quindell will turn to AAH’s existing legal panel members to handle overflow work.
Under the deal, Quindell has agreed to acquire AAH on or after 2 April 2013, subject to approval from the SRA and the Financial Services Authority (FSA). Quindell paid a £19.75m non-refundable deposit for the deal, which was satisfied by the company issuing 28,571,429 new shares and paying £14.97m in cash.
The balance will be satisfied by Quindell issuing 267,800,000 shares, which will be subject to lock-in arrangements ranging from 12 to 36 months upon completion.
At the same time as the Abstract deal, Quindell has entered a deal to acquire AAH panel firm The Compensation Lawyers, to provide a joint outsourcing offering to the UK insurance claims market in personal injury and other consumer services. Quindell is paying £30,000 in cash and issuing 2,200,000 shares – again subject to lock ins ranging from 12 to 36 months – for The Compensation Lawyers, though the deal still must be approved by the SRA and the FSA.