Generation Development Group (ASX:GDG) said its unit, Generation Life, has a strategic alliance with BlackRock to co-design and distribute holistic retirement products for Australian retirees, according to a Thursday Australian bourse filing.
The products are expected to be launched in the coming year. It will seek to provide sustainable income streams with longevity protections to retirees.
As part of this alliance, BlackRock will acquire a AU$25 million minority stake in GDG through a share subscription at AU$4.15 per share. The shares will be subject to a five-year lock-up with customary carve-outs.
The funds will support the development and rollout of the new products, per the filing. The alliance will explore additional product and service opportunities.
Its share rose 6% in recent trading on Thursday.
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