Ann: Demerge of ACAD and Blackstone to acquire Panel Business, page-9

The Agency fees over year 1-3, my assumption is that these are purely 'fees', i.e. there is no cost to ACAD at all, so it should drop down to the bottom line.
I don't see why Blackstone would use ACAD post purchase. If Blackstone are bulking up Panel beating worldwide, they'd have their own procurement division rather than outsource it.

I thought the implied valuation using the same earnings multiple was wrong as well. But the question is, what multiple should investors use? I've mainly paid attention to the Panels portion of the business, so it's homework for me this weekend.