Goldman Passes UK Insurance Unit To Blackstone, Others

Law360, New York (October 22, 2013, 1:31 PM EDT) -- Goldman Sachs Group Inc. said Tuesday it would unload a majority stake in U.K. pension insurance unit Rothesay Life to a group of big-name investment firms, making good on plans unveiled over the summer to shed the business to match new regulations.

Under the deal’s terms, affiliates of Blackstone Group LP and Singapore’s GIC Pvt. Ltd. will each take a 28.5 percent slice of Rothesay. Massachusetts Mutual Life Insurance Co. will grab a 7 percent interest, leaving Goldman Sachs the top shareholder, with a 36 percent...
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