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Goldman agrees to sale of U.K. insurance business

  • Looking to comply with tougher capital rules, Goldman (GS) notches another major bank divestiture with the sale of a majority stake its U.K. pensions insurance operation, Rothesay Life. Funds managed by Blackstone (BX) and Singapore sovereign wealth fund GIC each will acquire 28.5% of the shares, with MassMutual buying 7%. Goldman retains a 36% stake. Blackstone and GIC were previously reported as being near a deal.
  • The terms are undisclosed, but the business has nearly $10B in assets.
  • Press release.
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