PRINT THIS PAGE Private equity firms compete for the AA22/06/2004. Source: AltAssets. 
 A number of private equity firms are competing to buy UK motoring organisation, the AA. Cinven, CVC and Candover are all reported to be interested in acquiring the company, which is expected to raise in the region of £1.5bn.
The AA is currently owned by Centrica, the UK's largest household gas and electricity supplier. The sale is expected to pave the way for a cash return to shareholders as well as pay for more electricity and gas acquisitions in the UK, according to a report by the Financial Times.
Centrica paid £1.1bn for the AA in 1999. Since then, the organisation's profits have risen from £6m to £93m last year, while its membership has risen from 9.5m to 15m.
Copyright © 2004 AltAssets
|
