Saga set to end uncertainty over the AA's future with the imminent acquisition of the motoring giant
Saga, which specialises in selling products to the over-50s, is set to buy the AA in a deal that could create a £8bn business.
According to reports the acquisition is set to be officially announced soon and would value the AA business at about £3.4bn.
Speculation has mounted in recent months that private equity firms Permira and CVC, which bought the AA for £1.7bn in 2004, were looking to exit the company by the end of the year.
Uncertainty has also surrounded the future of Saga after the company confirmed it was considering a £2.5bn flotation for later this year.
The company admitted it had appointed UBS and Merrill Lynch to "assist the board of Saga in exploring a possible IPO".
The announcement came after reports suggested that Saga's owner Charterhouse Capital Partners, which backed a management buy-out for £1.35bn in October 2004, was considering a sale or flotation.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
