Aviva plc (“Aviva”) announces that it has sold the vehicle solutions businesses of RAC plc (“RAC”) to VT Group plc for £54.4 million in consideration for the net equity of the businesses and an additional £32.6 million to settle amounts owing to Aviva group companies. The total cash receivable is £87 million.
Aviva plc (“Aviva”) announces that it has sold the vehicle solutions businesses of RAC plc (“RAC”) to VT Group plc for Ł54.4 million in consideration for the net equity of the businesses and an additional Ł32.6 million to settle amounts owing to Aviva group companies. The total cash receivable is Ł87 million.
The vehicle solutions businesses comprise Lex Transfleet Limited, Lex Defence Limited, Lex Defence Management Limited and RAC Software Solutions Limited. These are the remaining businesses of the Manufacturer Support Services division (“MSS”) of RAC and they provide outsourced solutions for large, complex and diverse vehicle fleets, primarily in the defence, airside and emergency services sectors.
Patrick Snowball, executive director Aviva UK, said: “These are excellent businesses, acquired as part of our purchase of RAC, however their sale is in line with our stated strategy of focusing on our core business, which is providing insurance and related services to individual and SME customers.”
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Notes to editors:
- VT Group plc is a leading supplier of support services to governments and government agencies worldwide, including logistics support, facilities management and training solutions. It has a strong presence in the defence, airside and emergency services sectors and its acquisition of vehicle solutions supports its strategy of broadening the range of services it offers its customers and strengthening its relationships with them.
- Aviva is the world’s sixth largest insurance group based on gross worldwide premiums and market capitalisation (at 31 December 2004), and is one of the leading providers of life and pensions to Europe, with substantial positions in other markets around the world.
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of Ł35 billion and assets under management of Ł317 billion at 31 December 2005.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.