LONDON (BLOOMBERG, REUTERS) - CVC Capital Partners and Singapore's sovereign wealth fund GIC Pte agreed to buy Carlyle Group LP's stake in British roadside assistance company RAC.
CVC and GIC plan to invest in RAC's technology, data and telematics platform and see a "significant long-term growth opportunity," according to an e-mailed statement on Wednesday.
The agreement involves purchase of close to 50 per cent of RAC from U.S. private equity firm Carlyle Group LP, which bought the company from Aviva Plc in 2011, Sky reported, citing people familiar with the matter.
Last year, Singapore's sovereign wealth fund, GIC Pte Ltd , bought a undisclosed stake in RAC. The deal resulted in GIC and Carlyle jointly owning a majority stake in RAC, with the company's management holding the rest.
Representatives at CVC Capital Partners, Carlyle and RAC were not immediately available for comment.