|ME Newswire / Business Wire|
NEW YORK - Tuesday, October 22nd 2013
The Goldman Sachs Group, Inc. (NYSE:GS) 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 largest shareholder alongside three world class investors.”
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
The Goldman Sachs Group, Inc.
Jake Siewert, 212-902-5400
Dane Holmes, 212-902-0300