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.
Two Dead at Tampa Office After Man Drove Car into Building and Started Shooting 
Allstate’s AI Ecosystem to Include a Personal Agentic Assistant for Customers 
Georgia, Florida Insurers Facing New Scrutiny, Regulations After Election 
FTC, States Allege Toast Software Burns Restaurants and Consumers 
