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Genworth Financial Sells Its Stake In Genworth Mortgage Insurance Australia

Genworth Financial Inc. (GNW) said that its wholly owned subsidiaries Genworth Financial International Holdings and Genworth Holdings have sold about 214.3 million shares in Genworth Mortgage Insurance Australia Limited at A$2.28 per share. It represents Genworth's entire ownership position in Genworth Australia. Settlement of the sale will occur on March 3.

Completion of the transaction will result in a payment of about US$247 million under outstanding AXA promissory note. Following the payment, the net proceeds available to Genworth will be about US$123 million.

As previously indicated, Genworth will continue to prepare for a potential partial IPO of Genworth's U.S. Mortgage Insurance.

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