Aviva PLC
28 April 2006
News release
28 April 2006
AVIVA SELLS RAC VEHICLE SOLUTIONS BUSINESS TO VT GROUP PLC
Aviva plc ('Aviva') announces that it has sold the vehicle solutions businesses
of RAC plc ('RAC') to VT Group plc for £54.4 million in consideration for the
net equity of the businesses and an additional £32.6 million to settle amounts
owing to Aviva group companies. The total cash receivable is £87 million.
The vehicle solutions businesses comprise Lex Transfleet Limited, Lex Defence
Limited, Lex Defence Management Limited and RAC Software Solutions Limited.
These are the remaining businesses of the Manufacturer Support Services division
('MSS') of RAC and they provide outsourced solutions for large, complex and
diverse vehicle fleets, primarily in the defence, airside and emergency services
sectors.
Patrick Snowball, executive director Aviva UK, said: 'These are excellent
businesses, acquired as part of our purchase of RAC, however their sale is in
line with our stated strategy of focusing on our core business, which is
providing insurance and related services to individual and SME customers.'
- ends -
Enquiries:
Media:
Sue Winston, head of group media relations +44 (0)20 7662 8221
Vanessa Booth, group media relations manager +44 (0)20 7662 2482
Rob Bailhache, Financial Dynamics +44 (0)20 7269 7200
Analysts:
Charles Barrows, investor relations director +44 (0)20 7662 8115
Nicole Marques, investor relations manager +44 (0)20 7662 8302
Notes to editors:
• VT Group plc is a leading supplier of support services to governments
and government agencies worldwide, including logistics support, facilities
management and training solutions. It has a strong presence in the defence,
airside and emergency services sectors and its acquisition of vehicle solutions
supports its strategy of broadening the range of services it offers its
customers and strengthening its relationships with them.
• Aviva is the world's sixth largest insurance group based on gross
worldwide premiums and market capitalisation (at 31 December 2004), and is one
of the leading providers of life and pensions to Europe, with substantial
positions in other markets around the world.
• Aviva's principal business activities are long-term savings, fund
management and general insurance, with worldwide total sales of £35 billion and
assets under management of £317 billion at 31 December 2005.
• The Aviva media centre at www.aviva.com/media includes images, company
and product information and a news release archive.
This information is provided by RNS
The company news service from the London Stock Exchange
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