AA sells £930m worth of shares to investors ahead of IPO

Stock exchange

The AA is expected to float in the second half of June 2014 with a market capitalisation of approximately £1.4bn.

Current owner Acromas has received binding commitments for 69% of the compan, worth over £930m, from Cornerstone Investors, which is comprised of Bob Mackenzie, ex-Green Flag chairman, working alongside the existing AA management team and backed by institutional investors.

These include Aviva, Blackrock, CRMC, GLG Partners, Henderson Global, Henderson Volantis, Invesco, Legal &

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