CVC Capital nears a $2.34 bln deal for UK’s RAC: Sky News

Private equity firm CVC Capital Partners Ltd is expected to announce a 2.2 billion euro ($2.34 billion) deal to take a majority stake in RAC Ltd, Britain’s second-largest roadside recovery group, Sky News reported.

The agreement involves purchase of close to 50 percent 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.