Insurer Aviva is to sell its RAC roadside rescue business in Britain to private equity firm the Carlyle Group for £1 billion, as the group continues scaling back from non-core areas to focus on its insurance operations.
The group said it expected an accounting profit of £600 million from the sale of Britain’s second-largest breakdown recovery group.
It also said that it would use the proceeds of the sale to strengthen its balance sheet and that it was intending to invest in its main markets. – (Reuters)