The German-based financial services company ⁠Allianz is considering a £5bn takeover swoop for AA, ⁠the breakdown ⁠recovery ​group, Sky News has reported.

Allianz was ‌one of a small number of parties holding talks with advisers to AA about a deal, Sky News said, adding that ‌the private equity outfit EQT was another bidder.

AA was founded by a group ⁠of motoring enthusiasts in 1905 and known in Britain for its yellow ⁠recovery vehicles. AA's private equity ​owners have been pursuing a dual-track process for most of this year, with the alternative to a sale being ⁠a public listing on the London Stock Exchange.

Back in 2020, AA was taken private by its private equity investors TowerBrook and Warburg Pincus, having been floated on the stock market in ‌2014.

Both companies ​declined to comment.

The Financial Times ​reported ‌last year ​that ​AA was considering a £5bn sale and was seeking buyers.