(Reuters) – Singapore’s sovereign wealth fund GIC GIC.UL and U.S. private equity group Blackstone (BX.N: Quote, Profile, Research, Stock Buzz) are each set to buy 30 percent stakes in Goldman Sachs Group Inc’s (GS.N: Quote, Profile, Research, Stock Buzz) British pensions insurance operation, Rothesay Life, the Financial Times reported on Thursday, citing people familiar with the matter.
The deal values the operation at 900 million pounds ($1.40 billion), the financial daily added.
U.S. life insurer Massachusetts Mutual MMLIC.UL is also in talks to acquire a 6 percent stake, the sources told FT.
Reuters reported earlier this month that Goldman Sachs planned to sell a majority stake in its European insurance business over the next year.
GIC and Blackstone were not available to comment outside business hours, while Goldman Sachs declined to comment.