ACAD excluding procurement was around 12% of sales and 9% of gross margin last half, so ACAD is currently only worth around 10c - the question in how much is the procurement business worth (including the $12M agency fees payable by Blackstone over Yrs 1-3)?
In the second announcement management are valuing the ACAD business at ~$200M based on the same earnings multiple of the panel business, but it's a much lower margin business (panels were doing 50+, the ACAD divisions closer to 30), and it's keeping 30% of the debt of the current group.
Ann: Demerge of ACAD and Blackstone to acquire Panel Business, page-8
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