One of the giants of the car insurance sector, AA Plc, has agreed to sell its Irish business to Carlyle Cardinal Ireland Fund and Carlyle Global Financial Services Partners in a deal reported to be worth €156.6 million (approximately £130 million).
The transaction, which remains subject to approval from the Competition and Consumer Protection Commission in Ireland, as well as the Central Bank of Ireland, will see a change of ownership in the regulated insurance broker business although AA Ireland will still be able to use the AA brand.
AA Ireland provides both insurance and motoring services with Bob Mackenzie, executive chairman of the AA, reported by The Financial Times
“We believe that this is a good result for our shareholders and for AA Ireland and its employees.
“I would like to thank our 450 Irish colleagues for their dedication, professionalism and service to our customers.”
The deal is expected to be officially completed during July.
AA explores options for Irish insurance business sale as it looks to expand offerings