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Saga and the AA agree to form a new company26/06/2007. Source: AltAssets. 
 Saga and Permira-backed AA have agreed to form a new company, bringing together the two brands and valuing the combined group at £6.15bn: the AA at £3.35bn and Saga at £2.8bn.
The existing shareholders in both the AA and Saga will be the investors in the new business.
Permira originally acquired the AA in September 2004. Since then, the company has restructured as a full stand-alone company, growing its business including its insurance broking arm, and its membership base to 15 million.
The formation of this new company values SVG Capital’s holding in the AA at £81.1m, representing a £41.3m (28.0p per share) uplift to the December 2006 valuation for the AA.
Completion of the transaction is subject to regulatory approval.
Copyright © 2007 AltAssets
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