Abu Dhabi set for windfall from $3.35bn RAC listing - Banking & Finance - ArabianBusiness.com

Abu Dhabi set for windfall from $3.35bn RAC listing - Banking & Finance - ArabianBusiness.com:



"Abu Dhabi’s Mubadala Development Company could be set for a multi-million dollar windfall as rumours gather pace that British breakdown firm RAC is about launch a listing which could double its value to around $3.35bn.



RAC was bought by US-based private equity firm Carlyle Group for £1bn ($1.67bn) in 2011 and it was reported by the Express newspaper that the firm was currently in the process of hiring investment banks ahead of a forthcoming listing.



Reports at the weekend claimed the move would value RAC at £2bn ($3.35bn), double what the Carlyle Group paid for the 117-year-old British firm just three years ago.



Carlyle Group was founded in 1987 and currently has assets totalling around $31.5bn. Abu Dhabi investment vehicle Mubadala bought a 7.5 percent stake in it in 2007."



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