British insurer Aviva is selling its RAC roadside rescue business to the private equity firm Carlyle Group for the equivalent of 1.12 billion euros to make an accounting profit of 675 million euros.
The auction sale was part of Aviva’s effort to scale back from non-core activities.
Aviva, which operates in about 30 countries, has been trying to boost profit by concentrating on 12 markets where it makes most money.
It has recently sold off less profitable businesses in Italy, the United States and the Netherlands.
The auction process for RAC was fiercely fought with Carlyle battling rivals Clayton Dubilier & Rice and BC Partners.