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US-based private equity group Silver Lake buys stake in RAC

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US-based private equity group Silver Lake buys stake in breakdown firm RAC

By Daily Mail City & Finance Reporter

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California-based private equity group Silver Lake, which manages around £64bn in assets, has bought a stake in the RAC

California-based private equity group Silver Lake, which manages around £64bn in assets, has bought a stake in the RAC

A California-based private equity group has bought a stake in the RAC.

Silver Lake, which manages around £64billion in assets, is one of the world’s biggest technology investors with holdings in Airbnb, Expedia and Twitter.

It will join fellow private equity outfit CVC and GIC, the Singapore sovereign wealth fund, as a co-shareholder. GIC invested in one of Britain’s oldest providers of breakdown assistance in 2014, followed by CVC in 2016. ‘With Silver Lake now sitting alongside CVC and GIC, we have a fantastic opportunity to accelerate our investment trajectory’, said RAC chief executive Dave Hobday.

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source: dailymail.co.uk