Subject to shareholder approval, Chime Communications is to divest the five principal Bell Pottinger public relations businesses to their management for £19.6 million.
According to Chime, the proceeds will represent a multiple of eight times the adjusted 2011 profit before interest and tax of the businesses being sold. However, Chime has recently acknowledged that the performance of its public relations businesses was likely to fall short of expectations in 2012 and so a valuation based on current earnings may prove to have been slightly more generous than a multiple of 8 (see Chime in PR profit downturn: Bell Pottinger buyout progressing).
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