The British utility group Centrica has agreed to sell its Automobile Association (AA) unit to a group of private investors for £1.75 billion ($3.18 billion).
The AA, which is roughly equivalent to the AAA in the U.S., has over 15 million customers. It provides roadside services and trip planning, as well as insurance. Centrica, a conglomerate formed out of the privatization of British Gas, bought the AA for £1.1 billion ($2 billion) in 1999.
According to news reports, the private investors plan to offer shares in the AA to the public within five years.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Berry Producer Driscoll’s Sued Over Alleged Greenwashing, Use of Forever Chemicals 
Company at Center of Cyclospora Outbreak Complained to White House, Source Says 
Viewpoint: Who Gets Credit for Successful Renewal During Soft Reinsurance Market? 
Husband and Wife Insurance Brokers Sentenced for Fraud Scheme 
