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Private equity trio eye AA takeover, company considers share issue

Tue, 4th Aug 2020 07:29

LONDON, Aug 4 (Reuters) - British roadside recovery group AA
has received three cash takeover offers from private
equity groups, it said on Tuesday, but is also considering
selling fresh equity as it tries to slash its debt pile.

The three bidders are Centerbridge Partners Europe and
Towerbrook Capital Partners acting together, Platinum Equity
Advisors and Warburg Pincus, AA said in a statement.

Each of the bidders said they would inject a "significant
amount" of new equity capital into the group, the AA said.

But the AA, which was started by motoring enthusiasts in
1905 and is known for its distinctive yellow vehicles, said it
was also weighing other options including a share issue.

The firm has 2.65 billion pounds ($3.46 billion) of total
net debt, of which 913 million pounds is scheduled for repayment
in the next two years.

"Debt reduction is therefore a key priority and the Group
continues to...seek to reduce its indebtedness well ahead of the
upcoming maturity dates," it said.
($1 = 0.7653 pounds)
(Reporting by Carolyn Cohn, editing by Sinead Cruise)

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