William Fry and King & Wood Malleson have advised vehicle breakdown company the AA on the sale of its Irish business and operations, AA Ireland, to US-Irish private equity fund Carlyle Cardinal Ireland.
As part of the deal, AA Ireland and the AA will continue the current trading arrangements through a long term ongoing services agreement.
AA Ireland is one of Ireland’s leading consumer services businesses, providing insurance broking and roadside assistance services to private individuals and corporate entities in Ireland.
The transaction is subject to approval by the Competition and Consumer Protection Commission in Ireland and by the Central Bank of Ireland as a result of the change to the ownership of a regulated insurance broker business and is expected to complete in late July 2016.
The William Fry Team was led by corporate partner Stephen Keogh while the King & Wood Mallesons team was led by corporate partner Rob Day.