Corporate Finance

Quindell gets offer from City financier

Quindell has received a takeover approach for its telematics arm

Quindell has received a takeover approach for its telematics arm

Tantalum, connected-vehicle company owned by City financier Edmund Truell, has approached aim listed company Quindell to buy most of its telematics business, which monitors driver behavior and broker car insurance.

On the other hand, Quindell replies that it is not ready to sell all the assets since neither knows exactly how much profit the respective businesses make.

In 2014 after its financial report was questioned by short seller Gotham City Research, Quindell’s shares shed almost 80%. Earlier, Australian law firm Slater & Gordon agreed to pay €637 million for Quindell’s legal division, which makes up 75% of Quindell’s entire business. At a general meeting of Quindell on May 17th, 99% of company’s shareholders approved the deal for a new start for the company.

Quindell is an insurance outsourcing company based in the U.K. Shares in Quindell are traded solely on the AIM market and at its height it was worth €2 billion and claimed as the largest listed law firm in the world.

Established in 1993, Tantalum Corporation is one of Europe’s connected vehicle companies addressing roughly 500,000 vehicles. It has two wholly owned subsidiary companies, TRACKER Network and Lysanda, which provide complete stolen vehicle recovery solutions and driver accuracy models to Tantalum.



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