Bain Capital has pulled out of the bidding process for Aviva’s roadside rescue business, RAC, Financial Times reports. Other bidders for the business, which is valued at about £1 billion, include Carlyle, Clayton Dubilier & Rice and BC Partners.
Aviva, which bought RAC for a similar amount in 2005, has since sold businesses that were part of the company for about £500 million. JP Morgan, which is running the sale for Aviva, is also offering finance for the deal.
Click here for the story from Financial Times.