Motoring organisation, RAC is set to be sold to a private equity group in a deal worth around £1bn.
The operation was bought by insurance giant Aviva back in 2005 for £1.1bn, but included other businesses such as Auto Windscreens and driving school BSM, both of which Aviva has subsequently offloaded.
The deal, which is expected to be completed by October, has been welcomed by all sides, including trade union Unite. A spokesman said that it ‘ended a period of uncertainty.’ No job losses are expected.
Founded in 1897, RAC is one of the oldest roadside assistance companies in the world and the second largest UK roadside assistance provider with over 7 million members. The company is headquartered in Birmingham and has approximately 4,000 employees.