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RAC owners planning sale or stock market listing - report
(Sharecast News) - The owners of the RAC roadside recovery service are reportedly preparing to offload the company in a deal which could value it at up to £5bn. According to Sky News, CVC Capital Partners, the Singaporean sovereign investment fund GIC and Silver Lake Partners have been in discussions about plans to launch an auction or a stock market listing of the company.
The RAC, which was founded in 1897, is one of the world's oldest roadside assistance companies. It has about 14 million members, making it nearly as large in customer terms as the AA, its biggest rival.
Sky said a precise valuation of the business was unclear on Thursday, although insiders said a range of between £4bn and £5bn was reasonable.
The AA is also backed by private equity investors who have begun exploring an exit. Sky News revealed earlier this year that Towerbrook Capital Partners, Warburg Pincus and Stonepeak have appointed JP Morgan and Rothschild to conduct a review of the AA's strategic options.
The RAC's shareholders are at an earlier stage of deliberations, with investment banks yet to be appointed, Sky said.
People close to the situation told Sky that any decision about a transaction would not be made until next year, although it is possible that advisers will be hired in the next few months.
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