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Quindell buys out RAC partner
QUINDELL is poised to announce today that it is buying the RAC’s stake in a joint venture for black boxes in cars.
The London-listed insurance claims processor, whose shares have slumped this year after criticism about its business model, will inform the stock market today that it is to take full control of Connected Car Solutions (CCS), according to Sky News.
The joint plan was to instal more than 2m black boxes in cars to track driving skills.
Both Quindell and the RAC committed an initial £15m investment to CCS during the spring, with a plan for another £70m in future. However, RAC is selling out as it concentrates on its forthcoming £2bn market listing.