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    Home»Deals»Silver Lake continues shopping spree with stake in UK’s RAC
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    Silver Lake continues shopping spree with stake in UK’s RAC

    September 6, 20211 Min Read
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    The sign outside of the Silver Lake Partners offices in New York is pictured on April 4, 2003. Silver Lake Partners LP, a buyout firm that invests in out-of-favor technology stocks, bought $175 million of bonds of WorldCom Inc., backing new Chief Executive Michael Capellas' efforts to revive the bankrupt telephone company. Photographer: Daniel Acker/Bloomberg News.
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    US private equity company Silver Lake will take a stake in RAC, one of the UK’s biggest breakdown assistance providers, in a deal that values the company at £3.7bn.

    The California-based company, which specialises in technology investments, will buy part of the stakes held by the current owners, private equity firm CVC and the Singapore sovereign wealth fund GIC, leaving the three as roughly equal partners, with two board seats each.

    It is the latest move by Silver Lake — a technology investor whose portfolio includes start-ups such as food delivery company Getir and the “buy now, pay later” group Klarna — to instead buy into a longstanding incumbent in a bid to improve its digital offering.

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    Source: Financial Times

    By George Steer and Kaye Wiggins

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