Nov 24 (Reuters) - British roadside recovery company AA Plc has agreed to be acquired by private equity groups Warburg Pincus International and TowerBrook Capital Partners, the Financial Times reported on Tuesday, citing people familiar with the matter.
AA has accepted a cash offer of 35 pence a share, valuing the company at 218 million pounds ($290.96 million), the newspaper said on.ft.com/379lB1L.
The proposal also includes an investment of around 380 million pounds to help pay down the company’s debt pile, AA said in a statement on Monday.
AA, founded by a group of motoring enthusiasts in 1905 and known in Britain for its yellow recovery vehicles, was taken public by its previous private equity owners in 2014.
AA and TowerBrook Capital did not immediately respond to requests for comment while Warburg Pincus declined to comment on the report. ($1 = 0.7492 pounds) (Reporting by Ann Maria Shibu in Bengaluru; Editing by Devika Syamnath)
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