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GIC, Blackstone to buy stakes in Rothesay: report
September 6, 2013 / 12:45 AM / 4 years ago

GIC, Blackstone to buy stakes in Rothesay: report

(Reuters) - Singapore’s sovereign wealth fund GIC GIC.UL and U.S. private equity group Blackstone (BX.N) are each set to buy 30 percent stakes in Goldman Sachs Group Inc’s (GS.N) British pensions insurance operation, Rothesay Life, the Financial Times reported on Thursday, citing people familiar with the matter.

The deal values the operation at 900 million pounds ($1.40 billion), the financial daily added.

U.S. life insurer Massachusetts Mutual MMLIC.UL is also in talks to acquire a 6 percent stake, the sources told FT.

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

GIC and Blackstone were not available to comment outside business hours, while Goldman Sachs declined to comment.

($1 = 0.6415 British pounds)

Reporting by Abhirup Roy in Bangalore; Editing by Stephen Coates

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