Energy group Centrica today agreed the sale of the AA motoring organisation to a private equity consortium for £1.75 billion.
The British Gas owner will offload the breakdown and financial services operation to a company formed by CVC Capital Partners and Permira.
Proceeds from the sale will be used to pay investors a special dividend of £1 billion and start a share buyback programme over the next 12 months.
The sale price is higher than the £1.5 billion expected by analysts and more than the £1.1 billion it paid AA members to buy the organisation five years ago.
Thursday July 01, 2004
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article