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Aviva to sell RAC for £1bn

Aviva has agreed to sell RAC for £1bn as it looks to focus on its insurance and savings businesses.

The provider’s roadside assistance business will be sold to global asset manager the Carlyle Group in the third quarter of 2011, subject to regulatory and competition approval.

Aviva says the proceeds will be held as cash on the company’s balance sheet, enabling continuing investment in “priority markets”.

Aviva group chief executive Andrew Moss says: “The sale of RAC is another important step for Aviva and realises significant value for our shareholders.

“Together with the recent partial disposal of Delta Lloyd, it demonstrates clear delivery of our strategy and provides the flexibility to deepen our presence in the priority markets where we have strength and scale.”

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  1. I see Aviva has agreed to sell RAC for a cool £1bn.How about your company reducing all investors charges,after all it can not have escaped your notice that UK investors are paying some of the highest charges in the world.Your adverts are never off the television,one or two of them are even quite amusing,especially the one with the monkey driving the jeep.How about you charge your investors peanuts for a change.I do hope you have a special budget for your advertising campaign and its is not coming out of your investors charges.

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