Twitter LinkedIn
    Friday, January 27
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»Buyouts»AA Shareholders Approve $3.8 Billion Private Equity Buyout
    Buyouts

    AA Shareholders Approve $3.8 Billion Private Equity Buyout

    January 16, 20212 Mins Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    AA Plc’s shareholders approved a takeover of the roadside assistance provider after the private equity suitors overcame opposition from a major investor.

    The deal was cleared by investors holding 88.6% of the shares voted at a meeting Thursday, AA said in a statement. The offer from Warburg Pincus and TowerBrook Capital Partners values London-listed AA at about 2.8 billion pounds ($3.8 billion) including debt, according to data compiled by Bloomberg.

    Albert Bridge Capital LLP, the deal’s most vocal opponent, disclosed last week that it no longer owns any shares in AA. It previously held a 19.5% stake under some customers’ managed accounts.

    The University of Texas’s investment arm and a Boeing Co. pension fund recently terminated their client agreements with Albert Bridge and redeemed their holdings, meaning it could no longer vote their stock, according to London regulatory filings.

    The private equity consortium said Jan. 11 that shareholders owning 30.1% of the company, including the University of Texas, have indicated they plan to vote in favor of the deal.

    Warburg Pincus and TowerBrook’s offer of 35 pence per share values the company’s equity at about 219 million pounds. AA shares have lost more than 90% of their value since their 2015 peak.

    Source: Bloomberg

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    Buyouts deals Private Equity Firms
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    Veritas looking into Guidehouse sale or IPO at $7B valuation

    October 7, 2022

    The listed private equity quartet held roughly $416B in dry powder at the end of Q2

    August 29, 2022

    Blackstone to buy Bulk Purchaser CoreTrust from HCA Subsidiary

    August 12, 2022

    Global Payments agrees to buy Evo for about $1.6 Billion

    August 2, 2022

    Comments are closed.

    Other Articles

    HIG Capital appoints lead for dedicated technology buyouts team

    August 5, 2021

    Clayton Dubilier & Rice prepares £5bn Motor Fuel Group sale

    February 16, 2022

    Four PE funds in talks to raise over $1 billion for India buys

    February 18, 2022

    Blackstone, Vista, Brookfield Rule Out Financing Elon Musk’s Twitter Bid

    April 20, 2022

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2023 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.


    Lost password?