Kirkland & Ellis advised the AA and its majority shareholders TowerBrook Capital Partners and Warburg Pincus on Stonepeak’s investment in the AA, a leading provider of roadside assistance services in the UK with a nationwide network of patrols and garages serving 14 million members. Stonepeak will invest £450 million in the AA through a combination of common and preferred equity at an enterprise value of approximately £4 billion. Following this investment Warburg Pincus and TowerBrook will remain the majority shareholders of the AA. This transaction is subject to customary closing conditions including the receipt of regulatory approvals and is expected to close in the first half of 2024.
The Kirkland team was led by corporate partners Keir MacLennan, Adrian Maguire and Dan Clarke and associates George Rawlinson and Matt Barbato; debt finance partners Ian Barratt and Tom Raftery; capital markets partner Tim Cruickshank; financial services partner Reva Raghavan; tax partner Peter Abbott and associate Hugo Coleman; and antitrust & competition partners Paula Riedel and Matthew Sinclair-Thomson.
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