Funds managed or advised by Blackstone Group LP's Tactical Opportunities business, Singaporean sovereign wealth fund GIC and Massachusetts Mutual Life Insurance Co. have agreed to acquire Goldman Sachs Group Inc.'s entire shareholding in Rothesay Life Plc.
Sky News recently reported that Goldman was close to inking a deal to sell its 33% stake in the U.K.-based insurer to the three shareholders that made an initial investment in the company in December 2013.
Under the announced transaction,GIC, MassMutual and Blackstone will each acquire a portion of Goldman's shares such that GIC and Blackstone will hold equal largest stakes and MassMutual will increase its stake substantially. Goldman will no longer hold any interest in Rothesay Life, but will continue to have a close relationship with the company it founded in 2007.
The transaction is subject to regulatory and antitrust approvals and is expected to close in the fourth quarter.
Rothesay Life, a provider of annuity risk transfer solutions in the U.K., reported £23.7 billion in AUM as of Dec. 31, 2016.