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Tuesday, September 23, 2014

Singapore's GIC in talks to purchase Carlyle's RAC for over 2 billion pounds -Sky News, (NASDAQ: CG)

Singapore's sovereign wealth fund, GIC , is in talks to purchase the British roadside rescue business RAC Ltd from U.S. private equity firm Carlyle Group LP for over 2 billion pounds ($3.28 billion), Sky News reported, citing a person familiar with the talks. The British broadcaster said the sale to GIC was likely to end an expected share listing of RAC. Sky added that GIC might instead take a large minority stake in RAC before an initial public offering. ( told Reuters in June that RAC was considering an IPO this year in a deal that media reports have said could value the company at 2 billion pounds.Sky said, without citing sources, that CVC Capital Partners had also expressed interest in buying RAC.GIC, CVC, RAC and Carlyle were not immediately available for comment.

Shares of CG fell by 2.16% or $-0.66/share to $29.95. In the past year, the shares have traded as low as $25.16 and as high as $39.38. On average, 350891 shares of CG exchange hands on a given day and today's volume is recorded at 698461.