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Norwich Union To Buy RAC for £1.1bn

Insurer Norwich Union plans to buy RAC

9th March 2005

The board of motoring services company RAC have unanimously backed a proposal by insurer Norwich Union to acquire the business in a deal worth £1.1bn.

The move would create a 'powerful new force' in the UK insurance and motor services industry according to Norwich Union's parent company Aviva, although it will come at the cost of an estimated 1,700 jobs in sectors where the companies overlap.

The tie-up would give the insurer access to details of RAC's 2.2m individual customers and a further 4.5m corporate members.

Read More: Manchester Evening News

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