Goldman Sachs Sells Majority Stake in Rothesay Life to Blackstone, GIC, MassMutual Funds

The Goldman Sachs Group

today 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 The Goldman Sachs Group, Inc., 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