Generation Development Group Limited (ASX:GDG) Forms Strategic Alliance with BlackRock
Strategic Alliance
Generation Development Group Limited’s subsidiary, Generation Life Limited, has entered a strategic alliance with BlackRock to co-design and distribute holistic retirement solutions for Australian retirees. The partnership aims to help retirees transition from accumulation to decumulation by providing sustainable income streams with longevity protection. The product launch is targeted over the coming year.
Financial Investment
As part of the alliance, BlackRock will acquire a $25 million minority stake in GDG through a share subscription at $4.15 per share. The funds will support the development and rollout of the new retirement solutions. Shares acquired by BlackRock will be subject to a five-year lock-up with customary carve-outs.
Executive Comments
GDG Chief Executive Officer, Grant Hackett OAM, said:
“This transformational relationship brings together Generation Life’s innovation in retirement income with BlackRock’s global scale and expertise, delivering solutions that address the evolving needs of Australian retirees while creating long-term value for advisers, superannuation funds, and shareholders.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Generation Development Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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