Private equity fund Blackstone Group and Singapore sovereign wealth fund GIC Pte gave their approval to purchase a majority stake in Rothesay Life Ltd. The latter is the European insurance business of Goldman Sachs Group. Blackstone and GIC would each be acquiring a 28.5% stake of the London-based insurance company managed by Addy Loudiadis, the partner of Goldman Sachs.
In a statement, Goldman Sachs disclosed that Massachusetts Mutual Life Insurance Co would also be acquiring a 7% share. Goldman, meanwhile, would hold on to its 36% stake. Financial details of the transaction were not provided.
Goldman Sachs Vice Chairman Michael Sherwood said about the transaction, "It is more capital efficient for Goldman Sachs to share its ownership with other investors. Rothesay Life can continue its growth as a standalone business with the benefit of diversified ownership."
Rothesay's clients include British Airways' IAG and the UK division of General Motors Co. Its holds insurance contracts worth GBP 12 billion or USD 19.4 billion.
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