Allianz is reportedly considering a £5bn takeover bid for the British breakdown recovery group, The AA.
Sky News reported over the weekend that the German insurance giant was one of a small number of parties that have been in talks with advisers to The AA regarding a deal.
Banking sources said at least one other bidder has recently shown interest in The AA during the process, in addition to firms such as EQT, which explored a potential deal earlier this year.
Sky News stated that The AA’s owners, a trio of private equity firms, have been exploring a so-called dual-track process for most of 2026, with the alternative to a sale being a public listing on the London Stock Exchange.
Last year, the breakdown services firm, which has more than 16 million customers, reported EBITDA of £481m and revenue of £1.5bn. These figures were up from £450m and £1.45bn respectively in 2025.
The AA was previously listed on the London Stock Exchange from 2014, but was taken private seven years later at around 15% of its value on flotation.
