GE Press Release
GE Announces Filing of Registration Statement For IPO of Genworth Financial
FAIRFIELD, Conn.--(BUSINESS WIRE)--Jan. 20, 2004--GE announced today that its subsidiary, Genworth Financial, Inc., has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for the initial public offering (IPO) of its Class A common stock.
Genworth comprises substantially all of GE's life insurance and mortgage insurance businesses. GE plans to sell approximately 30% of the equity of Genworth in the IPO. GE intends, subject to market conditions, to divest its remaining interest in Genworth as soon as practicable.
The amount GE will receive in the IPO will depend on market conditions and on other factors. GE will use the proceeds to invest in growth initiatives and reduce "parent-support debt" at GE Capital. GE expects to complete the IPO in the first half of this year.
The joint lead managers and bookrunners for the IPO are Morgan Stanley and Goldman, Sachs & Co. Copies of the preliminary prospectus, when they become available, may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036 or Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004.
A registration statement relating to Genworth's Class A common stock has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
GE (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Caution Concerning Forward-Looking Statements
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. The proposed IPO is subject to a number of conditions and approvals and there can be no assurance that an offering will be completed as described or within the time periods outlined above. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.