Goldman Sachs Announces Sale of Majority Stake in Rothesay Life
NEW YORK -- October 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
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
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