PE-backed AA Group raises 1.4 bln stg in stock market listing: Reuters

UK motoring firm AA Group said on Monday it had completed an initial public offering (IPO) to raise gross proceeds of 1.4 billion pounds ($2.4 billion).

The offering, priced at 250 pence per share, was oversubscribed and its owners, private equity firms Permira , Charterhouse and CVC, have agreed to sell their entire 100 percent stake in the company, AA said in a statement.

Best known for its roadside recovery services, AA received commitments of over 930 million pounds from institutional “cornerstone” investors including Aviva, BlackRock Inc. and Legal & General, it said.

AA shares will start conditional trading on Monday.

($1 = 0.5876 British Pounds) (Reporting by Clare Hutchison; editing by Jason Neely)

Leave a Reply

PE HUB Community

Join the 12525 members of PE HUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget