28th Apr 2006 07:03
Aviva PLC28 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 businessesof RAC plc ("RAC") to VT Group plc for £54.4 million in consideration for thenet equity of the businesses and an additional £32.6 million to settle amountsowing to Aviva group companies. The total cash receivable is £87 million. The vehicle solutions businesses comprise Lex Transfleet Limited, Lex DefenceLimited, 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 anddiverse vehicle fleets, primarily in the defence, airside and emergency servicessectors. Patrick Snowball, executive director Aviva UK, said: "These are excellentbusinesses, acquired as part of our purchase of RAC, however their sale is inline with our stated strategy of focusing on our core business, which isproviding insurance and related services to individual and SME customers." - ends - Enquiries:Media:Sue Winston, head of group media relations +44 (0)20 7662 8221Vanessa Booth, group media relations manager +44 (0)20 7662 2482Rob Bailhache, Financial Dynamics +44 (0)20 7269 7200 Analysts:Charles Barrows, investor relations director +44 (0)20 7662 8115Nicole Marques, investor relations manager +44 (0)20 7662 8302 Notes to editors: • VT Group plc is a leading supplier of support services to governmentsand government agencies worldwide, including logistics support, facilitiesmanagement and training solutions. It has a strong presence in the defence,airside and emergency services sectors and its acquisition of vehicle solutionssupports its strategy of broadening the range of services it offers itscustomers and strengthening its relationships with them. • Aviva is the world's sixth largest insurance group based on grossworldwide premiums and market capitalisation (at 31 December 2004), and is oneof the leading providers of life and pensions to Europe, with substantialpositions in other markets around the world. • Aviva's principal business activities are long-term savings, fundmanagement and general insurance, with worldwide total sales of £35 billion andassets under management of £317 billion at 31 December 2005. • The Aviva media centre at www.aviva.com/media includes images, companyand product information and a news release archive. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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