Genworth      Print Page    Close Window

Press Release



GE Prices Secondary Public Offering of 38 Million Shares of Genworth Financial's Class A Common Stock

RICHMOND, Va., Dec. 1 /PRNewswire-FirstCall/ -- Genworth Financial (NYSE: GNW) today announced the pricing of GE's secondary public offering of Genworth's Class A common stock. GE agreed to sell a total of 38 million shares to Morgan Stanley & Co. Incorporated, as the sole underwriter of the offering, at a price of $34.66 per share. GE granted an over-allotment option to permit the underwriter to purchase an additional 2.85 million shares.

If the over-allotment option is fully exercised, GE will own approximately 18 percent of Genworth's common stock. If the underwriter's over-allotment option is not exercised, GE will own approximately 19 percent of Genworth's common stock. Genworth will not receive any proceeds from the transaction.

GE's sale of shares was concurrent with the addition of Genworth Financial to the Standard & Poor's 500 Index. GE has announced its intent to sell its remaining holdings of Genworth by the end of 2006.

The sole bookrunner and sole manager for the offering was Morgan Stanley & Co. Incorporated. Interested parties may obtain a written prospectus relating to the offering from Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, New York 10014 or by email at prospectus@morganstanley.com.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state.

About Genworth Financial

Genworth Financial (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, with operations in 24 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 regulatory factors.

SOURCE Genworth Financial

CONTACT: Investors - Alicia Charity, +1-804-662-2248, Alicia.Charity@genworth.com, or Media - Phil Moeller, +1-804-662-2534, Philip.Moeller@genworth.com, all of Genworth