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.
Genworth Financial, Inc. (Genworth) is a financial security company. Shares of GNW fell by 0.29% or $-0.03/share to $10.19. In the past year, the shares have traded as low as $4.06 and as high as $10.74. On average, 10629000 shares of GNW exchange hands on a given day and today's volume is recorded at 6119952.
Source
