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.
AIG Partners With Amwins, Blackstone to Launch Lloyd’s Syndicate Using Palantir 
WTW to Acquire Newfront in Deal Worth Up to $1.3B 
Icahn Money Manager Sues His Bosses and Bausch + Lomb Over Anti-White Bias 
‘Door Knocker’ Roofers Were Everywhere. NC Farm Bureau Saw an Opportunity 
