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Breakdown cover and car insurance company RAC is close to selecting banks to lead its initial public offering in London, according to people familiar with the matter.

The nearly 130-year-old firm is set to pick Goldman Sachs Group Inc., Bank of America Corp. and Barclays Plc to help arrange a possible listing, the people said, asking not to be identified as the information is private. The listing would value it at around £5 billion ($6.9 billion), the people said. Lazard Inc. is acting as a financial adviser on the transaction, the people said.

The RAC is one of the UK’s most popular providers of breakdown cover and car insurance. It is owned by private equity firms Silver Lake, CVC Capital Partners Plc and Singapore’s GIC Pte, according to its website.