More than 140,000 Irish residents - members of the Automobile Association and policyholders with Canada Life - are to receive windfall payments.
AA members yesterday gave the green light to a £1.1 billion sterling (€1.72 billion) takeover of the roadside breakdown group by gas and home services company, Centrica plc, paving the way for windfalls of £248 sterling each.
The deal, which sparked vocal opposition from some AA members, will further Centrica's diversification into customer services and transform the 94-year-old AA from a mutually owned organisation into a subsidiary of a for-profit company.
Under the definitive terms of the deal, 4.426 million full AA members will receive £248 each, slightly more than the £240 estimated when the takeover was announced in July.
The organisation has 185,000 members in the Republic, about 90,000 of whom are eligible to receive the cash payment.
Meanwhile, some 54,000 people in the Republic are to get free shares following a strong vote by Canada Life shareholders in favour of demutualisation yesterday. The shareholders are likely to get between £1,746 and £2,583.
