Genworth Financial said its parent company, General Electric, would sell 80 million shares of its interest in the Richmond, Va.-based insurer, as it continues to decrease its interest in the spin-off.
In its announcement this week, the company priced the offering of its Class A common stock at $29.50 per share.
The sale would result in GE retaining between 27 percent and 30 percent interest in the carrier, depending upon the purchase of stock.
Genworth said GE's plan included the sale of an additional 21 million shares to Citigroup Global Markets Inc. and overallotment options of 12 million shares that would permit Citigroup to purchase an additional 3.15 million shares.
Genworth Financial deals in benefit, retirement, investment and mortgage insurance.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.