Singapore fund GIC and US insurer Massachusetts Mutual Life Insurance agreed to acquire a 36% stake in Rothesay Life, an insurance company, from Blackstone for $7.37bn. Under the terms of the transaction, GIC and MassMutual will each become equal 49% shareholders. Completion of the transaction is subject to regulatory approvals. “I am delighted that GIC and MassMutual will be substantially increasing their investment in Rothesay. This is a strong expression of confidence in the company and provides the business with exceptional long-term support from two of the world’s leading institutional investors. Rothesay will continue to differentiate itself by providing a full range of solutions on a large scale, as well as by taking full advantage of strategic prospects with a value and risk-driven approach to underwriting," Addy Loudiadis, Rothesay Life Chief Executive Officer.