A PYMNTS Company

EU: Firms take a bite out of Goldman Sachs

 |  October 22, 2013

Private equity firm Blackstone Group and Singapore-based sovereign wealth fund GIC have announced plans to acquire a combined majority stake in the European business of Goldman Sachs Group.

Reports say each firm will acquire a 28.5 percent stake in the company’s European operations known as Rothesay Life Ltd., based in London. Goldman Sachs confirmed the news in a statement Tuesday.

In addition to the buyout from Blackstone, the world’s largest private-equity firm, and GIC, Massachusetts Mutual Life Insurance will take a 7 percent share in Rothesay Life, wile Goldman will retain 36 percent in the company.

Financial details of the deal were not disclosed.

Goldman first announced last August its plans to sell a majority stake in its European arm.

Full content: Businessweek

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.