Blackstone in talks to buy minority stake in Rothesay: report

Fri Aug 16, 2013 8:29pm EDT

Aug 16 (Reuters) - Blackstone Group LP is in talks to buy a minority stake in Goldman Sachs Group Inc's UK pensions insurance operation, Rothesay Life, the Financial Times reported on Friday.

The talks are being led by Blackstone's $3 billion "tactical opportunities" fund, the newspaper said, citing people familiar with the matter. ()

Reuters reported earlier this month that Goldman Sachs plans to sell a majority stake in its European insurance business over the next year.

Bankers estimate the Rothesay unit's value at between 750 million and 950 million pounds ($1.17 billion-$1.48 billion), the daily reported, adding that the sale process does not involve a formal auction.

Representatives of Blackstone and Goldman Sachs were not immediately available for comment.

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