Genworth Financial Inc will sell its wealth management and alternative investment businesses to private equity firms Aquiline Capital Partners and Genstar Capital for about $412.5 million as the insurer looks to raise funds to repay debt.Genworth, once part of industrial conglomerate General Electric, is selling the businesses as it faces increased scrutiny from ratings agencies, largely due to losses in its mortgage business.Reuters reported in February that the two private equity firms were in negotiations with Genworth to purchase the two businesses.Genworth will take an after-tax charge of about $40 million related to the sale, with about $35 million recorded in the first quarter, the company said.
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 6149112.
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