Last updated: 19:29 / Thursday, 7 November 2013
To Blackstone,GIC & MassMutual

Goldman Sachs Announces Sale of Majority Stake in Rothesay Life

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Goldman Sachs Announces Sale of Majority Stake in Rothesay Life

Goldman Sachs announced the sale of a majority stake in its UK pensions insurance business Rothesay Life. Funds managed by Blackstone and GIC each acquire 28.5% of the shares, with MassMutual acquiring a 7% holding. Goldman Sachs retains a 36% stake. The transaction is subject to regulatory approval.

Michael Sherwood, Vice Chairman of Goldman Sachs, said: “Rothesay Life's success has now brought it to a size at which it is more capital-efficient for Goldman Sachs to share its ownership with other investors. As a market leader in a dynamic industry, Rothesay Life can continue its growth as a standalone business with the benefit of diversified ownership. We are pleased to remain the largest shareholder alongside three world class investors.”

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