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Genworth Financial Inc Announces Sale Of Wealth Management Business For Approximately $412.5 Million


Wednesday, 27 Mar 2013 04:30pm EDT 

Genworth Financial Inc announced that it has reached an agreement to sell its Wealth Management business, including Genworth Financial Wealth Management and alternative solutions provider, the Altegris companies, to a partnership of Aquiline Capital Partners and Genstar Capital. The sale price is expected to be approximately $412.5 million and the Company will record an after-tax loss of approximately $40 million related to the sale with approximately $35 million recorded in the first quarter of 2013 and the remainder upon closing. The sale is expected to close in the second half of 2013, subject to customary closing conditions, including requisite regulatory approvals. Proceeds from the transaction, net of transaction related expenses, will be held at the holding company and be used to address the 2014 debt at maturity or before. 

Company Quote

13.11
0.01 +0.08%
2:05pm EDT