Genworth Financial, Inc. (GNW) Wednesday announced agreement to sell its Wealth Management business, including the Altegris companies, to a partnership of Aquiline Capital Partners and Genstar Capital for approximately $412.5 million.
The company will also record an after-tax loss of approximately $40 million relating to the transaction, of which approximately $35 million will be recorded in the first quarter and the remainder upon closing.
The sale is expected to close in the second half of 2013, subject to customary closing conditions. Proceeds from the transaction will be used to address the 2014 debt at maturity or before.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.