Blackstone buying Goldman's European insurance business?

Blackstone Group is in talks to buy a stake in Goldman Sachs' European insurance business, according to a person with direct knowledge of the matter.

Bloomberg News reports that the price and size of the stake to be acquired by Blackstone’s Tactical Opportunities fund are being discussed, and a deal still may not be reached. 

The companies were considering the sale of a minority stake, the Financial Times reported August 16, citing people familiar with the matter.

Goldman Sachs, which said it probably will sell a majority of London-based Rothesay Life is doing so in part because new rules require banks to hold more equity to absorb potential losses on assets, a person briefed on the discussions said earlier this month.

The business, run by Goldman Sachs partner Addy Loudiadis, 50, insures more than $15.6bn of pension liabilities for companies including IAG SA’s British Airways.

Christine Anderson, a spokeswoman for New York-based Blackstone, and Michael DuVally at Goldman Sachs declined to comment on the potential deal.

To access the complete Bloomberg article hit the link below

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image: © Valerie Everett

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