Linklaters Steers £219M PE Bid For UK Motor Insurer

Law360, London (November 25, 2020, 12:15 PM GMT) -- Motor insurer AA PLC said on Wednesday that it has accepted a £219 million ($290 million) takeover bid by two private equity companies in a deal that will result in more money being invested in the struggling company.

The Automobile Association, as it has been known for much of its 115-year-old history, will be taken over by a consortium of London-based TowerBrook Capital Partners and Warburg Pincus International LLC, which has its headquarters in New York.

AA said in a stock market update that the new owners will inject £378 million into the business to address "underinvestment and high levels of...

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