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.
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
