Freshfields advises AA plc on the recommended offer by TowerBrook Capital Partners and Warburg Pincus
Freshfields Bruckhaus Deringer LLP (‘Freshfields’) is advising AA plc (the ‘AA’) on the recommended offer by Basing Bidco Limited, a newly incorporated entity owned by a consortium of (i) funds advised by TowerBrook Capital Partners (U.K.) LLP or its affiliates; and (ii) private equity funds managed by Warburg Pincus LLC or its affiliates.
The AA is one of the leading roadside assistance providers in the UK, servicing a large portion of the consumer segment, the manufacturer segment, and the UK's largest fleet and leasing companies.
The acquisition values the AA at approximately £219m and includes an option for AA shareholders to receive unlisted securities in lieu of cash. The consortium also intends to invest approximately £380 million into the AA to facilitate the reduction and partial refinancing of the AA’s existing debt.
The acquisition is conditional on the receipt of antitrust, shareholder and court approvals, and is expected to close in the first quarter of 2021.
The Freshfields team is being led by global transactions partner Sundeep Kapila, supported by senior associate Tamara Young. Marcus Mackenzie led on the financing aspects, and Rod Carlton, James Smethurst and Alice Greenwell led on antitrust, regulatory and employment matters, respectively.
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