Blackstone in Talks to Buy Minority Stake in Rothesay: report

(Reuters) – Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) is in talks to buy a minority stake in Goldman Sachs Group Inc’s (GS.N: Quote, Profile, Research, Stock Buzz) UK pensions insurance operation, Rothesay Life, the Financial Times reported on Friday.

The talks are being led by Blackstone’s $3 billion “tactical opportunities” fund, the newspaper said, citing people familiar with the matter. (

Reuters reported earlier this month that Goldman Sachs plans to sell a majority stake in its European insurance business over the next year.

Bankers estimate the Rothesay unit’s value at between 750 million and 950 million pounds ($1.17 billion-$1.48 billion), the daily reported, adding that the sale process does not involve a formal auction.

Representatives of Blackstone and Goldman Sachs were not immediately available for comment.

($1 = 0.6405 British pounds)