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Goldman sells majority stake in Rothesay Life

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October 22, 2013 12:27 PM EST | AP


NEW YORK (AP) — The Goldman Sachs Group Inc. said Tuesday it has sold its majority stake in British pension insurance company Rothesay Life to a group of funds including Blackstone Group.

Financial terms of the transaction were not disclosed.

Funds managed by Blackstone Group and GIC each acquired 28.5 percent of the shares, while MassMutual obtained a 7 percent stake. Goldman retained a 36 percent interest in Rothesay.

Shares in New York-based Goldman Sachs slipped 74 cents to $159.03 in early afternoon trading. Blackstone Group shares were up 50 cents to $28.34.