Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and 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.
Citywire TV
Play Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Play Carmignac's Crowl: what QE could mean for Europe

Carmignac's Crowl: what QE could mean for Europe

The ECB is widely expected to finally fire its QE gun this week. Carmignac's Sandra Crowl discusses the implications for the eurozone.

Play Grexit worries, currency wars and a grizzly outlook for 2015?

Grexit worries, currency wars and a grizzly outlook for 2015?

The first Investment Pulse of the year looks at the potential impact of Greece leaving the euro, volatility in currency markets and the UK’s economic prospects.

Your Business: Cover Star Club

Profile: DIY investing is biggest threat to industry, says Whitechurch

Profile: DIY investing is biggest threat to industry, says Whitechurch

The industry is at risk of pushing potential investors down the DIY route unless it does more to make its services accessible says the Whitechurch Securities boss

Wealth Manager on Twitter