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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.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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