AVIVA, BRITAIN'S largest insurer, has sold parts of its RAC roadside recovery business, including fleet management and administration, to support services group VT Group for £87m in cash, reports The Times .
According to the paper the sale comes just over a year after Aviva paid £1.1bn to buy the whole of the RAC as part of an ambitious plan to target new customers and increase its ability to cross-sell financial products. VT Group paid £54.4m for the equity of the businesses, which consist of Lex Transfleet, Lex Defence and RAC Software Solutions. These form the last part of the RAC's Manufacturer Support Services division and provide contracted out, or "outsourced" services for large vehicle fleets, primarily in the areas of defence, airside recovery and emergency services. The remainin...
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