Sidley advised Massachusetts Mutual Life Insurance Company (MassMutual) on the acquisition, with GIC, of Blackstone’s 36% shareholding in Rothesay Life, the largest specialist annuity provider in the UK. Completion of the transaction is subject to regulatory approvals.
Under the terms of the transaction, MassMutual and GIC will each become equal 49% shareholders. The transaction values the group at £5.75 billion. The deal comes after a record £16.3 billion 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.
The Sidley team was led by partners Fatema Orjela (Private Equity, London) and Tom Thesing (partner, Corporate/M&A, London) with support from Andrew Cebula (associate, Corporate/M&A, London), Oliver Currall (partner, Tax, London), Tracy Williams (partner, Tax, Chicago), Joseph Paral (partner, Tax, Chicago), Laurence Wilcock (associate, Tax, London), Rachpal Thind (partner, Regulatory, London), Martin Membery (partner, Insurance, London), Hannie Syeda (associate, Insurance, London), Francesca Blythe (senior associate, Privacy and Cybersecurity, London), Peter McCorkell (senior associate, Employment, London), and Jack Mayall (senior associate, Real Estate, London).