GE Completes Divestiture of Genworth

General Electric Co., Fairfield, Conn., has announced that it will complete its total divestiture of Richmond, Va.-based Genworth Financial, the holding company it spun off to own its former life and mortgage insurance operations.In a secondary public offering, GE will sell 71 million shares of Genworth class A common stock in the offering. In addition, Genworth will repurchase 15 million shares of class B common stock from GE at the net price per share of the secondary offering. Afterward, GE will no longer own any shares of Genworth. Genworth will not receive any of the proceeds of the secondary offering. The repurchase will close simultaneously with and be contingent upon the completion of the secondary offering. The global coordinator and bookrunner for the offering is Merrill Lynch & Co. Other bookrunners are Citigroup, Goldman Sachs & Co., J.P. Morgan, and Morgan Stanley.