July 1, 2004 – LAWFUEL – Global law firm Clifford Chance advised longstanding clients CVC Capital Partners and Permira on their successful £1.75 billion joint offer for the Centrica-owned UK roadside assistance and financial services group, the Automobile Association (AA).
“The acquisition of the AA, one of the UK’s most respected brands and a household name, is a very high profile deal for CVC and Permira and has been followed extensively by the media” said private equity partner Simon Tinkler. “We were delighted to work with two of our longest standing clients, the dynamic combination of CVC and Permira, on this landmark acquisition. It is on these sorts of transactions that having the years of premiership private equity experience really delivers the deal for the clients.”
Sir Trevor Chinn, who will become Chairman of the AA on completion of the deal said “CVC and Permira bring a wealth of experience in growing top brand names and I look forward to working with them in developing this great business.”
Simon remarked that the deal had closed after a remarkably short timetable and had engaged around the clock expertise from a large Clifford Chance team comprising 12 partners and 37 associates.
The Clifford Chance team was led by CVC relationship partner James Baird and private equity partner Simon Tinkler.