MassMutual’s Acquisition Of Blackstone’s Shareholding In Rothesay Life

Sidley Austin LLP advised Massachusetts Mutual Life Insurance Company, while Proskauer advised GIC on the deal. Linklaters advised Rothesay Life.

Rothesay Life (“the Group”), the largest specialist annuity provider in the UK, is pleased to announce that an agreement has been reached by GIC (“GIC”) and Massachusetts Mutual Life Insurance Company (“MassMutual”) with funds managed or advised by Blackstone’s Tactical Opportunities business (“Blackstone”) to acquire Blackstone’s 36% shareholding in Rothesay Life for £2.1 billion.

Under the terms of the transaction, GIC and MassMutual will each become equal 49% shareholders. The transaction values the Group at £5.75bn. 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 Group 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 Sidley Austin team advising MassMutual was led by Fatema Orjela (Picture) and Tom Thesing and also included Andrew Cebula, Oliver Currall, Tracy D. Williams, Joseph Paral, Laurence Wilcock, Rachpal Thind, Martin Membery, Hannie Syeda, Francesca Blythe, Peter McCorkell and Jack Mayall.

Proskauer advised GIC with a team led by corporate partner Matt Rees with associates Adam Creed and Matt Clift alongside regulatory partners John Verwey, Kirsten Lapham and special antitrust counsel Jade-Alexandra Fearns.

The Linklaters team advising on the deal was led by partners Lorna Tennent (London, Mainstream Corporate) and Tracey Lochhead (London, Mainstream Corporate).

Involved fees earner: Tracey Lochhead – Linklaters; Lorna Tennent – Linklaters; Matt Clift – Proskauer Rose LLP; Adam Creed – Proskauer Rose LLP; Jade-Alexandra Fearns – Proskauer Rose LLP; Matt Rees – Proskauer Rose LLP; John Verwey – Proskauer Rose LLP; Kirsten Lapham – Ropes & Gray; Francesca Blythe – Sidley Austin LLP; Andrew Cebula – Sidley Austin LLP; Oliver Currall – Sidley Austin LLP; Jack Mayall – Sidley Austin LLP; Peter McCorkell – Sidley Austin LLP; Martin Membery – Sidley Austin LLP; Fatema Orjela – Sidley Austin LLP; Joseph Paral – Sidley Austin LLP; Hannie Syeda – Sidley Austin LLP; Thomas Thesing – Sidley Austin LLP; Rachpal Thind – Sidley Austin LLP; Laurence Wilcock – Sidley Austin LLP; Tracy Williams – Sidley Austin LLP;

Law Firms: Linklaters; Proskauer Rose LLP; Ropes & Gray; Sidley Austin LLP;

Clients: GIC Private Limited; Massachusetts Mutual Life Insurance Company ; Rothesay Life PLC;