Britain's Automobile Association (AA) is planning a 4 billion pound ($6.72 billion) stock market flotation that its parent, Acromas Holdings, could announce as early as Friday, Sky News reported on its website. The broadcaster, citing a source, said deal was being finalised and could still fall through. It added that the listing would value the motoring services firm's equity at about 1.3 billion pounds ($2.18 billion). (link.reuters.com/bap89v)Sky said 10 institutional investors had been lined up to purchase substantial stakes in the AA, naming Aviva Investors, Blackrock Inc, JP Morgan Asset Management, Lansdowne Partners and Legal & General Investment Management as some of the deal's backers.Sky's source also said Bob MacKenzie, a former boss of car insurer Green Flag, was slated to become the AA's new chairman.The parent company, Acromas, declined to comment, while the AA could not be reached for comment outside of regular business hours.
BlackRock, Inc. (BlackRock) is an investment management firm. Shares of BLK traded higher by 0.36% or $1.11/share to $309.93. In the past year, the shares have traded as low as $240.60 and as high as $326.00. On average, 653330 shares of BLK exchange hands on a given day and today's volume is recorded at 566360.
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