NEW YORK--(BUSINESS WIRE)--Oct 22, 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.
CONTACT: The Goldman Sachs Group, Inc.
Jake Siewert, 212-902-5400
Dane Holmes, 212-902-0300
KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE
SOURCE: The Goldman Sachs Group, Inc.
Copyright Business Wire 2013
PUB: 10/22/2013 07:00 AM/DISC: 10/22/2013 07:00 AM