AA sells Irish business to investment funds

The Automobile Association is set to sell off its Irish subsidiary to two investment funds.

It has been reported that AA Ireland will be sold off for around €150 million to Carlyle Cardinal Ireland Fund and Carlyle Global Financial Services Partners.

A spokesman for the AA in the UK said that AA Ireland’s insurance broker-led business model limited synergies and potential cross sell opportunities.

AA Ireland and the AA will enter into a long term ongoing services agreement which will preserve the current trading arrangements between the AA and AA Ireland for the benefit of both groups.