AA confirms it’s in talks to sell Irish business
The AA has confirmed it is in talks about selling its Irish business, following reports claiming private equity firm Carlyle Cardinal Ireland was honing in on the firm.
The roadside assistance group said this morning it was "exploring options in regards to its Irish business and a further announcement will be made if and when appropriate".
It did not name names, but this weekend the Sunday Times said Carlyle Cardinal Ireland was in exclusive talks to buy the firm for up to €160m (£110m).
A deal is expected to be announced within weeks.
AA Ireland, which employs around 480 people, posted a £13 million operating profit in the year to the end of January, on revenue of £38 million.
While reported revenues fell by £1 million during the year as a result of adverse foreign exchange movements, underlying revenue rose eight per cent on a constant currency basis.