© Reuters. An AA (Automobile Association) recovery vehicle drives along the M6 motorway near Knutsford.
2/2
(Reuters) – British roadside recovery company AA Plc has agreed to be acquired by private equity groups Warburg Pincus International and TowerBrook Capital Partners, the Financial Times reported on Tuesday, citing people familiar with the matter.
AA has accepted a cash offer of 35 pence a share, valuing the company at 218 million pounds, the newspaper said https://on.ft.com/379lB1L.
The proposal also includes an investment of around 380 million pounds to help pay down the company’s debt pile, AA said in a statement on Monday.
AA, founded by a group of motoring enthusiasts in 1905 and known in Britain for its yellow recovery vehicles, was taken public by its previous private equity owners in 2014.
AA and TowerBrook Capital did not immediately respond to requests for comment while Warburg Pincus declined to comment on the report.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
