Genworth to sell wealth management business for $412.5 mln
March 27 (Reuters) - Insurer Genworth Financial Inc will sell its wealth management business to Aquiline Capital Partners and Genstar Capital for about $412.5 million.
Genworth will take an after-tax loss of about $40 million related to the sale, with about $35 million recorded in the first quarter, the company said.
The company plans to use the proceeds to pay down debt.
Goldman Sachs & Co and Sullivan & Cromwell LLP advised Genworth on the sale, which is expected to close in the second half of 2013.
Genworth shares were up marginally at $10.23 in extended trade, after closing at $10.19 on the New York Stock Exchange on Wednesday.
- Radar showed missing plane may have turned back: Malaysia military
- Malaysian jetliner may have turned back before vanishing |
- Malaysian plane presumed crashed; questions over false IDs |
- Malaysian jet's disappearance among rarest of aviation disasters