Herbert Smith has scooped its first instruction from the RAC as the motoring insurance group announced this morning it is to be acquired by Aviva.
Partners Anthony Macaulay and Caroline Goodall have advised the RAC on the £1.1bn deal. Charles Randell at Slaughter and May acted for Aviva, a long-standing client of the firm.
The acquisition will see the RAC merge with Norwich Union, Aviva’s general insurance subsidiary.
The RAC has been providing Norwich Union with a motor claims customer helpline, roadside recovery and a roadside assistance service for ten years, as well as underwriting Norwich Union’s motor legal expenses cover for seven years.
The deal has been approved by the Aviva and RAC boards, but must also be approved by RAC shareholders before it can be completed.