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MARKETS & INVESTING | Staff Reporter, Singapore

GIC leads buyout of Goldman Sachs' stake in UK insurer

The fund and Blackstone will be the business' biggest shareholder.

Reuters reported that Goldman Sachs has sold its remaining stake in British pensions insurance business Rothesay Life to a trio of existing investors including Singapore's sovereign wealth fund a decade after setting up the company.

Blackstone, Massachusetts Mutual Life Insurance Company and Singapore's GIC have agreed to buy out Goldman's 32.7% stake for an undisclosed sum.

GIC and Blackstone will become Rothesay's biggest shareholders and MassMutual will "substantially" increase its stake, Rothesay said, although it did not say how big their investments would be following the deal.

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