By: 27 January 2014

Quindell has bought the ACH Group, owner of Accident Claims Helpline, for a multi-million share and cash combined deal.


The acquisition involves an agreement to pay £5m in cash and 117.8 million shares in Quindell, thought to be worth £26m.


ACH Group has been acquired by Quindell to provide additional capacity in its legal services operation.


The giant CMC's share price currently sits at 24.6p after the group announced that its operating cash flow was ahead of market expectations and that it had finished the year with c.£200m. of cash on its balance sheet.


Rob Terry, founder and executive chairman of Quindell said that Q4 had seen the group deliver record revenue and profitability.


"This level of performance in Q4 2013 along with business already contracted to begin in Q1 2014 and our record level pipelines, underpins the Board’s confidence in its ability to meet and, subject to completion of ongoing contractual negotiations in Q1 2014, even exceed, market expectations for 2014," he said.