Price paid for the 20% share of Blackwater is very dependent on...

Price paid for the 20% share of Blackwater is very dependent on how deal is structured. The ball park US$1 bn figure is reasonable if buyer is not on the hook for paying 20% share of deferred and contingent payments due over next 3 years. This 20% share would be around US$320 million in deferred/contingent. If buyer is funding their 20% share of deferred/contingent then the $1 bn valuation becomes US$680 million, not so far off the US$500 million that has been reported recently. I will be surprised given the level of interest in buying a share of Blackwater if a deal is not at least US$600 million + deferred/contingent, so somewhere over US$900 million in value.