Talks said to be at very early stage
CVC has made an informal £1bn approach to buy a large stake in roadside assistance firm RAC from fellow private equity firm Carlyle, the Sunday Times reported, citing senior City sources.
Discussions were reported as being at a very early stage for RAC, which also provides motor insurance. RAC was owned by Aviva until Carlyle’s £1bn takeover of the firm in 2011.
There had been speculation that RAC would be floated on the stock market until last year, when Carlyle sold a stake in the company to Singapore sovereign wealth fund GIC. That deal valued RAC at £2bn.