Genstar, Aquiline bid for Genworth businesses-sources

NEW YORK Mon Feb 11, 2013 10:28am EST

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NEW YORK Feb 11 (Reuters) - Private equity firms Genstar Capital and Aquiline Private Equity LLC have teamed up and are in exclusive negotiations to buy Genworth Financial Inc's wealth management business and its San Francisco-based alternative investment business, according to two sources familiar with the situation.

Genworth is working with Goldman Sachs Group Inc, according to the sources, who declined to be identified because the talks are confidential. Genstar and Aquiline are working with Deutsche Bank AG, said one of the sources, who estimated that the deal for both businesses would be valued at $400 million to $450 million.

Spokespeople for Deutsche, Goldman, New York-based Aquiline and Richmond, Virginia-based Genworth did not immediately return calls for comment. A Genstar spokesman declined to comment.

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