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We derive the wall crossing formula for the decay of a quarter BPS dyon intoa pair of half-BPS dyons by analyzing the quantum dynamics of multi-centeredblack holes in N=4 supersymmetric string theories. Our analysis encompasses thecases where the final decay products are non-primitive dyons. The results arein agreement with the microscopic formula for the dyon spectrum in the specialcase of heterotic string theory on T^6.

Wall Crossing Formula for N=4 Dyons: A Macroscopic Derivation