Quindell seeks to dispose of operating division

Reuters News
Posted: Jan 02, 2015 3:01 AM

(Reuters) - British technology and outsourcing company Quindell Plc said it had entered into exclusivity arrangements with a third party for possible disposal of an operating division to improve its working capital profile.

Quindell said it was also in early discussions with a range of parties interested in exploring possible transactions with the group with respect to its operating businesses in addition to its cash generation initiatives.

The company in November denied actively seeking to sell a 25 percent stake in Nationwide Accident Repair Services in its response to comment from blogger Tom Winnifrith that the company was "desperate" to sell, and was seeking "any offers at all".

The provider of technology used by car insurers to assess claims, among other services, has had a tumultuous few months, facing allegations about its business model and questions about the motivations behind some acquisitions.

(Reporting by Aashika Jain in Bengaluru; Editing by Sunil Nair)