Carlyle Group completes £1bn takeover of RAC
Merger and acquisition advisors may have played a role in Aviva's deal to sell RAC.
Merger and acquisition consultants are likely to have been involved in the brokering of a deal that will see The Carlyle Group take over RAC.
It emerged yesterday (June 23rd) that Aviva has reached an agreement to sell Britain's second largest breakdown car cover provider to global asset management firm Carlyle for a fee of £1 billion.
This represents a figure some 17 times higher than RAC's net earnings last year and has gone through due to Aviva's business decision to focus its marketing strategies moving forward primarily on the savings and insurance sectors.
Carlyle - which has in excess of £67 billion worth of assets under management - has announced it will look to "profitably grow" RAC over the coming years and has no plans to replace the senior officials currently in situ at the company.
Andrew Moss, group chief executive at Aviva, commented this deal "demonstrates clear delivery of our strategy and provides the flexibility to deepen our presence in the priority markets".
Posted by Edel Quinn