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€1.7bn-valued AA races toward IPO

The AA will be valued at £1.4bn (€1.7bn) in an upcoming IPO. The private-equity owners of UK-based roadside-assistance provider AA are selling the company to an investor group as part of the initial public offering.

AA is owned by a consortium of Charterhouse Capital Partners, CVC Capital Partners and Permira Advisers, and is being sold to a group that includes Bob Mackenzie, former chairman of National Car Parks, and AA management, according to a statement.

Their investors include GLG Partners, Invesco Corp and Henderson Group Plc, the company said.

AA's sale comprises 554 million new shares and existing shares are offered at 250 pence apiece.

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