Freshfields Bruckhaus Deringer (‘Freshfields’) is advising Blackstone on the sale by Blackstone’s Tactical Opportunities business of its c. 36 per cent shareholding in Rothesay Life to GIC and Massachusetts Mutual Life Insurance Company (‘MassMutual’). GIC and MassMutual will each become equal shareholders in a transaction valuing Rothesay Life at £5.75bn.
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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 and Freshfields has advised Blackstone on its investment throughout.
The Freshfields team was led by partners James Scott and Alastair Brown, with regulatory advice provided by partners James Smethurst and Cyrus Pocha.