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August 11, 2017

Blackstone, GIC, MassMutual to acquire Goldman Sachs’ stake in Rothesay Life

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.”

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

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