Freshfields Bruckhaus Deringer, continues to advise GIC, the manager of Singapore’s sovereign wealth fund, on its continued investment in RAC in connection with the sale by Carlyle of its stake in the business to CVC Capital Partners.
GIC became a co-shareholder in RAC in December 2014, with Carlyle and GIC jointly owning a majority stake in the business with RAC management holding the remaining shares. Carlyle has today agreed to sell its stake in RAC to CVC Capital Partners’ Strategic Opportunities investment platform. The transaction is expected to be completed by the end of Q1 2016.

RAC is the second-largest roadside assistance provider across the UK and has approximately 8.6 million roadside members as of 30 September 2015. It has a unique heritage going back over 118 years and is the UK’s most trusted automotive service brand.

David Higgins, co-head of Freshfields’ global financial investors group, commented: “We are delighted to be able to continue our work for GIC in relation to its investment in RAC”.

The Freshfields team that worked on the transaction was led by London corporate partner David Higgins with support from associate Nicholas Bond.

The GIC in-house legal team included London based assistant general counsel Jarlath Pratt.

http://www.freshfields.com/en/deals/Freshfields_continues_to_advise_Sin…