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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