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Bain Capital Drops Out Of RAC Auction

Bain Capital has pulled out of the bidding process for Aviva’s roadside rescue business, RAC.

Bain Capital has pulled out of the bidding process for Aviva’s roadside rescue business, RAC, FinancialTimes reports. Other bidders for the business, which is valued at about £1 billion, include Carlyle, Clayton Dubilier & Rice and BCPartners.

Aviva, which bought RAC for a similar amount in 2005, has since sold businesses that were part of the company for about £500 million. JPMorgan, which is running the sale for Aviva, is also offering finance for the deal.

Click here for the story from Financial Times.

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