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Aviva Makes Extra £600m
Aviva has banked a tidy six hundred million pounds from the sale of RAC, the famous roadside breakdown service. This is not their first sale this year, after the Sale of Delta Lloyd which sold for over £380 million in April.
Aviva Group chief executive Andrew Moss stated: “The sale of RAC is another important step for Aviva and realises significant value for our shareholders.”
The buyer of the RAC was Carlyle. They beat off competition from Clayton Dubilier and BC Partners. Analysts thought it was a good deal for Aviva but it still saw their share price fall.
RAC made in excess of eighty-two million pounds for Aviva last year. The reason for its sale was to concentrate on their core competencies which is not marketing but instead being the underlying insurer for other companies.
Rest assured that Aviva still offer a fantastic range of endowment assurance plans.
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