Suncorp sells share of RAC

By Benjamin Levy

Suncorp has agreed to sell its 50 per cent share of the RAC Insurance business to its joint venture partner, the Royal Automobile Club of Western Australia (RACWA).

Suncorp’s acquisition of Promina in 2007 triggered a change of control clause that resulted in the sale of RAC Insurance to RACWA.

Before the transaction was completed, Suncorp and the RACWA had agreed to postpone triggering the change of control clause for 12 months.

John Mulcahy, Suncorp chief executive, said he was pleased with the negotiations, which represented fair value for RAC Insurance.

The completion of the sale is subject to regulatory approvals.

24 July 2008

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