RAC to buy out Axa's interest in RAC Financial Services

RAC has agreed to buy out Axa's interest in RAC Financial Services and to acquire the renewal rights to Axa Direct. RAC stated that the acquisition will enable it to control its financial services strategy and would be an important step towards developing a significant presence in this area. The consideration will be satisfied by a cash payment of £29.8m on completion with the balance, expected to be no more than £10.7m.

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