Genworth Financial to Repurchase $500 Million Of Common Stock From GE
RICHMOND, Va., March 14, 2005 /PRNewswire-FirstCall via COMTEX/ -- A secondary public
offering of shares of the Class A Common Stock of Genworth Financial, Inc.
(NYSE: GNW) will commence today. GE is offering up to 80.5 million Genworth
shares, including shares subject to the underwriters' over-allotment option.
Concurrently with the offering, Genworth will repurchase directly from GE $500
million of Genworth's Class B Common Stock at the net price GE receives in the
secondary offering. The repurchase will be completed at the same time as, and
is contingent upon, the completion of the secondary public offering.
Upon completion of the offering GE (NYSE: GE) will own approximately 52
percent of Genworth's common stock if the underwriters' over-allotment option
is exercised in full. GE expects, subject to market conditions, to reduce its
ownership over the next two years as Genworth transitions to full
Genworth today filed an amended registration statement with the U.S.
Securities and Exchange Commission (SEC) relating to the secondary public
The global coordinator and bookrunner is Morgan Stanley. JPMorgan and
Merrill Lynch & Co. are joint lead managers and bookrunners for the secondary
offering. Copies of the preliminary prospectus may be obtained from Morgan
Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036.
A registration statement relating to Genworth's Class A common stock has
been filed with the SEC 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.
About Genworth Financial
Genworth (NYSE: GNW) is a leading insurance holding company, serving the
lifestyle protection, retirement income, investment and mortgage insurance
needs of more than 15 million customers, and has operations in 22 countries,
including the U.S., Canada, Australia, the U.K. and more than a dozen other
European countries. For more information, visit http://www.genworth.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. Actual results may differ materially from these expectations due to
changes in global political, economic, business, competitive, market and
SOURCE Genworth Financial, Inc.
Investors: Jean Peters, +1-804-662-2693, email@example.com, or
Kachel, +1-804-662-2534, firstname.lastname@example.org, both of Genworth