Currently Goldman Sachs owns 45% stake in GS&P, rest is owned by current and former GS&P management and employee shareholders.
The investment will facilitate the full integration into Goldman Sachs of the Australian and New Zealand businesses which have operated as a joint venture since 2003.
The proposed acquisition, terms of which are not disclosed, requires a 75% minimum acceptance by shareholders and will also be subject to relevant regulatory approvals.
Goldman Sachs chairman and CEO Lloyd Blankfein said that Australia and New Zealand represent an important part of the growth strategy.
Goldman Sachs & Partners co-CEO Simon Rothery said that the move to full ownership by Goldman Sachs is a natural progression for the business."
Stephen Fitzgerald, co-CEO with Rothery said full integration of the resources and strengths of Goldman Sachs and GS&P will further enhance the capabilities the company bring to the clients and provide additional opportunities for its people.
