News
Freshfields advises RAC, CVC Capital Partners and GIC on the sale of a stake in RAC to Silver Lake Partners
Freshfields has advised RAC, the UK’s biggest breakdown assistance provider, together with its shareholders, including funds managed or advised by CVC Capital Partners and GIC, on the sale of a stake in RAC to Silver Lake, a global leader in technology investing. Silver Lake will become a co-shareholder alongside the RAC’s existing shareholders, including GIC and funds managed or advised by CVC Capital Partners.
Headquartered in Birmingham, RAC has been at the forefront of UK motoring for over 120 years and provides a differentiated range of driving and mobility-related services including breakdown assistance and insurance products.
Freshfields has long established relationships with RAC, CVC Capital Partners and GIC, including having recently advised CVC Fund VIII on various matters, including its recommended cash offer for Stock Spirits Group plc, its investment in Aleph Holding, global partner to the world’s biggest digital media players, its majority investment in Rayner, the global ophthalmology business, its acquisition of leading British holiday park operator, Away Resorts and Away Resorts acquisition of Aria Resorts and GIC on its acquisition of Miller from its partners and corporate member, Willis Towers Watson.
The transaction is subject to customary regulatory approvals and is expected to close in late Q4 2021.
The Freshfields team is being led by partners Alastair Brown and Charles Hayes.
