Technology group Watchstone said Canadian subsidiary Quindell Services had agreed to sell subsidiary PT Healthcare Solutions for an initial sum of $36.2m (£22.3m) to LM Holdings.
Quindell Services would be due a further up to C$0.8m (£0.5m), conditional on the business generating target revenues in the first year after its acquisition.
Sale proceeds would be kept on deposit and managed prudently until a distribution to shareholders could be effected,' Watchstone said.
'As previously announced, no distribution of capital will be made to shareholders of Watchstone until the Slater & Gordon litigation has been resolved,' it added.
At 9:34am: (LON:WTG) Watchstone Group Plc share price was +7.85p at 100.85p
