March 27 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.
Canada's Trudeau, ministers to discuss Trump plans for NAFTA
CALGARY, Alberta, Jan 23 Canada's Prime Minister Justin Trudeau will begin a two-day retreat with his cabinet on Monday, focused mainly on the best approach to take with new U.S. President Donald Trump, whose vow to renegotiate NAFTA could damage Canada's economy.
PRESS DIGEST- British Business - Jan 23
Jan 23 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.