GIC joins Blackstone for prospective Rothesay Life investment

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Private equity giant Blackstone Group and Singapore sovereign wealth investor GIC are in talks to each take a 30 per cent stake in Goldman Sachs’ UK pensions insurance unit, Rothesay Life, according to the Financial Times.

The deal would value the company at around £900m.

In August, Blackstone was first reported to be in talks to pick up a minority stake using its $3bn tactical opportunities fund.

Goldman is said to be looking to exit Rothesay following the implementation of Basel III rules in Europe requiring insurers to hold more capital in the wake of the financial crisis.

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