Linklaters has advised Rothesay Life, the largest specialist annuity provider in the UK, on a deal by GIC and Massachusetts Mutual Life Insurance Company (“MassMutual”) to acquire the 36% shareholding in the company held by funds managed or advised by Blackstone’s Tactical Opportunities business (“Blackstone”). Under the terms of the transaction, GIC and MassMutual will each become equal 49% shareholders.
The deal comes after a record £16.3bn of new business underwritten in 2019 and continued strong momentum by Rothesay Life in the first half of 2020. Blackstone, GIC and MassMutual have been shareholders in Rothesay Life since 2013. Since their initial investment, Rothesay Life has grown its AUM from £7.5bn to £56bn. Today, the business secures the pensions of over 800,000 people and is trusted by some of the UK’s best known companies to provide pension solutions.
The Linklaters team advising on the deal was led by partners Lorna Tennent (London, Mainstream Corporate) and Tracey Lochhead (London, Mainstream Corporate). Linklaters advised Rothesay on the original investment by Blackstone, GIC and MassMutual in 2013 and the subsequent sell down by Goldman Sachs in 2017.
Completion of the transaction is subject to regulatory approvals.
