Germany-based financial services company Allianz is considering a £5bn takeover of AA, the breakdown recovery group, Sky News has reported. This was reported by infohub.kz.
According to Sky News, Allianz is one of a small number of parties holding talks with advisers to the AA about a deal. Private equity firm EQT is also named as another bidder.
AA was founded by a group of motoring enthusiasts in 1905 and is known in Britain for its yellow recovery vehicles. Its private equity owners have been pursuing a dual-track process for most of this year: a sale or a public listing on the London Stock Exchange.
In 2020, AA was taken private by its private equity investors TowerBrook and Warburg Pincus, having been floated on the stock market in 2014.
Both companies declined to comment. The Financial Times reported last year that AA was considering a £5bn sale and was seeking buyers.