Funds flock to snap up AA

Funds flock to snap up AA

Motor insurer AA plc announced that it is in discussion with multiple parties regarding possible cash offers for the entirety of its share capital. These discussions are a part of a wide range of options the company is considering as part of a potential refinancing of the group’s indebtedness.

The company has been approached by US firms Platinum Equity Advisors LLC and Warburg Pincus International LLC, alongside UK firms Centerbridge Partners Europe, LLP and TowerBrook Capital Partners (U.K.) LLP (acting jointly). The potential offerors have also indicated that any possible offer would involve a significant amount of new equity capital being injected into the group to help reduce the group’s indebtedness.

AA has approximately £2.65 billion of total net debt, of which £913 million is due for repayment within the next 2 years, an

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