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Report: Goldman Sachs to sell 33% stake in Rothesay Life

A deal under which Goldman Sachs Group Inc. would sell its 33% stake in U.K.-based insurer Rothesay Life Plc to Singaporean sovereign wealth fund GIC, MassMutual and Blackstone Group LP could be announced early in the week of Aug. 7, Sky News reported, citing sources.

The Singaporean sovereign wealth fund, MassMutual and Blackstone are existing shareholders in Rothesay Life, which is expected to be valued at about £2 billion under the deal although the potential figure is unlikely to be disclosed, according to the report.

Goldman Sachs, which founded Rothesay Life in 2007, began reducing its stake in the insurer in 2013, mainly due to the heavy capital burden of protecting the interests of the latter's policy holders. The transaction will represent the concluding phase of the stake reduction.

Meanwhile, Rothesay Life, which was reported to be one of the potential buyers of £10 billion of Prudential Plc's annuities business, would be keen to acquire a much larger portion of Prudential's U.K. assets if they were available, one source reportedly told Sky News.