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AA moves for the grey pound with Saga deal

Date: 02 July 2007

The AA has gained new access to the 50+ market after merging with senior citizen specialist Saga.

The £6.15bn deal values the AA at £3.35bn and gives the company access to Saga's 2.5m customers.

Both companies are owned by private equity firms, AA by Permira and CVC, and Saga by Charterhouse. The new joint company will be run by Saga chief executive Andrew Goodsell, while current AA boss Tim Parker will leave the company once the merger, which is subject to regulatory approval, is finalised.

"Both organisations can grow and benefit from sharing expertise and systems," said Goodsell. "We also see great opportunities to offer Saga's products to the AA's 50+ members, and the AA's products to Saga customers. This is a great deal for both brands."