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| AA motoring group in stock market flotation | AA motoring group in stock market flotation |
| (35 minutes later) | |
| The AA motoring group has floated its shares on the London Stock Exchange and has completed a management buy-in backed by institutional investors. | The AA motoring group has floated its shares on the London Stock Exchange and has completed a management buy-in backed by institutional investors. |
| The motoring association said the flotation valued the company at about £1.385bn. | The motoring association said the flotation valued the company at about £1.385bn. |
| Its owners, private equity firms Permira, Charterhouse and CVC, are selling their entire stakes in the AA. | Its owners, private equity firms Permira, Charterhouse and CVC, are selling their entire stakes in the AA. |
| The offering, priced at 250p per share, was oversubscribed and conditional trading in AA shares has begun. | The offering, priced at 250p per share, was oversubscribed and conditional trading in AA shares has begun. |
| Institutional investors, including Aviva, Blackrock, Legal & General, Invesco, and Lansdowne Partners, had backed a management buy-in led by former Green Flag boss Bob MacKenzie, who has been appointed as the AA's executive chairman. | Institutional investors, including Aviva, Blackrock, Legal & General, Invesco, and Lansdowne Partners, had backed a management buy-in led by former Green Flag boss Bob MacKenzie, who has been appointed as the AA's executive chairman. |
| "We will work with the existing management and the AA's loyal workforce to deliver an enhanced experience for all our members and customers, and to serve the broader needs of the UK motorist," Mr MacKenzie said in a statement. | "We will work with the existing management and the AA's loyal workforce to deliver an enhanced experience for all our members and customers, and to serve the broader needs of the UK motorist," Mr MacKenzie said in a statement. |
| "Our offer will enable the AA to become an independent publicly-listed company and we look forward to creating substantial value for all our stakeholders." | "Our offer will enable the AA to become an independent publicly-listed company and we look forward to creating substantial value for all our stakeholders." |
| The AA was formed by motoring enthusiasts in 1905 primarily to avoid police speed traps. It is best known for its breakdown recovery service, but also sells insurance and financial products. | |
| The organisation voted to demutualise in 1999 and to be acquired by Centrica for £1.1bn. | |
| Private equity forms CVC and Permira bought the company from Centrica for £1.75bn in October 2004. |