Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

AA's £4bn float could receive backing from JPM and BlackRock

AA's £4bn float could receive backing from JPM and BlackRock

Roadside recovery group AA is considering a £4 billion flotation and is expected to receive backing from a raft of fund groups, including BlackRock and JP Morgan Asset Management, according to Sky News.

Sky News reported that its parent Acromas Holdings is considering announcing plans for the listing through an accelerated initial public offering.

The deal would involve approximately 10 City institutions acting as cornerstone investors. It is expected that fund managers Aviva Investors, BlackRock, JP Morgan Asset Management, Lansdowne Partners and Legal & General Investment Management will back the IPO, valuing the AA's equity at around £1.3 billion.

Deutsche Bank has been brought in to advise the company, while Cenkos Securities is acting as broker, Sky News revealed.

Its parent, private equity-backed Acromas, owns a majority stake in Saga, which listed last month and has since seen its share price fall.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: Kevin Doran's formula for success at AJ Bell

Profile: Kevin Doran's formula for success at AJ Bell

From a degree in theoretical physics to teaching and becoming one of the youngest chief investment officers in the UK, Kevin Doran has certainly had an interesting career.

Wealth Manager on Twitter