The sale could be announced as early as this afternoon – reports

Carlyle Group, the current owner of RAC, has ditched a stock market float in favour of a £2bn-plus sale to Singapore’s sovereign wealth fund Government Investment Corporation (GIC).

Carlyle, which bought the breakdown recovery and insurance provider from Aviva in 2011 for £1bn, was said to be locked into talks with GIC last night.

Sources have indicated the sale could be announced as early as this afternoon, The Daily Telegraph reports.

Earlier this month, RAC appointed CBI president Sir Michael Rake as its new chairman as it prepared for the initial public offering (IPO).

He replaced Rob Templeman, who has remained on the board in a non-executive role.

The IPO was set to trigger a £300m windfall for senior management. It is unclear what the sale to GIC will mean for the pay-outs, according to reports.

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