RICHMOND, Va., Feb 27, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Genworth Financial
(NYSE: GNW) today announced that General Electric Company (GE) plans to sell
approximately 71 million shares of Genworth's Class A Common Stock in an
underwritten secondary public offering. Genworth will not receive any
proceeds from this transaction.
In addition, Genworth announced that it will repurchase 15 million shares
of Genworth's Class B Common Stock directly from GE at the net price per share
of Class A Common Stock that GE receives in the secondary offering. The
repurchase will close simultaneously with, and be contingent upon, the closing
of the secondary offering.
Upon completion of these transactions, GE will not own any shares of
Genworth's common stock.
The global coordinator and bookrunner for the offering is Merrill Lynch &
Co. Citigroup, Goldman, Sachs & Co., JPMorgan and Morgan Stanley are also
bookrunners. Interested parties may obtain a written prospectus relating to
this offering from Merrill Lynch & Co., 4 World Financial Center, New York, NY
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
About Genworth Financial
Genworth 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 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.
SOURCE Genworth Financial
Investors, Jean Peters, +1-804-662-2693, firstname.lastname@example.org, or
or Media, Phil Moeller,
all of Genworth Financial