Aviva gets £1bn for RAC
Aviva has agreed to sell its roadside recovery firm to the Carlyle Group for £1bn and it looks like current management team will survive.
The transaction valued RAC at 17 times 2010 net earnings. Completion, which is subject to regulatory and competition approvals, is expected at the end of the third quarter of 2011.
Aviva said Carlyle, an asset management firm, was fully supportive of the RAC management team, led by RAC's managing director Angela Seymour-Jackson, and its strategy to profitably grow the business.
According to the insurer the proceeds, which will be held as cash on the balance sheet, will enable it to continue to
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