Blackstone Group, GIC and Massachusetts Mutual Life Insurance have agreed to snap up Goldman Sachs’ entire 32.7% stake in the UK pension buyout firm Rothesay Life.

Upon closing of the transaction, Blackstone and GIC will become the largest shareholders with equal ownership stakes in the UK-based regulated insurance provider. Meanwhile, Massachusetts Mutual Life Insurance will substantially raise its stake.

All the three acquirers already own stake in Rothesay Life. GIC and Blackstone both hold 28.5% each while MassMutual controls a 7% shareholding in the life insurance business.

GIC private equity chief investment officer Choo Yong Cheen said: “Rothesay Life is a good example of GIC’s investment objectives as a long-term investor.

“Rothesay Life offers an important service, has a differentiated strategy and strong growth prospects with the increasing demand for annuity risk transfer solutions.’

Goldman Sachs EMEA chief operating officer Dermot McDonogh said: “The sale of our remaining stake in Rothesay Life concludes our ten year investment, from founding to supporting the growth of this market leading company.”

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Pending receipt of approvals from regulatory and anti-trust authorities, the transaction is likely to be concluded during the fourth quarter of 2017.