Insurance and telecoms outsourcing consultant Quindell Portfolio (QPP) has acquired a 22.5 per cent stake in Nationwide Accident Repair Services (NARS), the UK's largest dedicated provider of accident repair services to insurance, fleet and retail markets. New Quindell shares were issued to pay for the deal, which based on closing mid-market prices as of 23 September, values each NARS share at 84p, which represents a 71.5 per cent premium.
Quindell said the deal was in line with its strategy of having a direct ownership stake in repair services networks and it looks forward to exploring future opportunities with NARS. But NARS said it had not yet entered into any discussions with Quindell concerning its investment and that Quindell has no current intention of making an offer for the entire company.
