GIC, CVC Capital Partners snap up $3.28b stake in UK transport player | Singapore Informer

RAC is the UK’s second-largest roadside assistance provider. Singapore’s sovereign wealth fund GIC has entered a partnership with American private equity firm CVC Capital Partners to buy a majority stake in UK-based automotive service provider RAC. The deal, reportedly worth $3.28 billion (€2.2 billion), will allow GIC and CVC to purchase the Carlyle Group’s stake in RAC. In a joint release, GIC and CVC said that RAC presents a significant long-term growth opportunity, building on the company’s existing strengths. This transaction is subject to customary regulatory approvals and is expected to close in early 2016. “We welcome CVC as our new partner in the RAC.

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