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Genworth Financial Inc Announces Closing Of Wealth Management Business Sale


Tuesday, 3 Sep 2013 08:15am EDT 

Genworth Financial, Inc announced that it has closed the sale of 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 was $412.5 million and the company will record an additional after-tax loss of up to $10 million related to the sale in the third quarter of 2013. Proceeds of approximately $360 million, net of transaction costs and payments to settle obligations to the former owners of its Altegris businesses, together with cash on hand at Genworth Holdings, Inc., will be used to address the Company's remaining 2014 debt at maturity or before. 

Company Quote

9.56
0.13 +1.38%
21 Nov 2014