Carlyle Group has acquired Aviva’s Birmingham-based RAC roadside rescue business for £1 billion, Financial Times reports. The move is part of the U.K. insurer’s broader strategic overhaul to refocus on core products in 12 countries.
Carlyle will retain the current RAC management after the sale, which will raise Aviva’s net assets by £600 million. Other firms interested in RAC were Clayton Dubilier & Rice, BC Partners and Bain Capital. JPMorgan Cazenove managed the sale process and Lazard advised the buyer on the sale.
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