GE to Sell Genworth Stock

Genworth Financial, Richmond, Va., has announced the pricing of a General Electric secondary public offering of approximately 71 million shares of Genworth class A common stock at $32.75 per share.Genworth, whose mortgage insurance subsidiary is headquartered in Raleigh, N.C., said it will also repurchase 15 million shares of Genworth's class B common stock directly from GE for $479 million, contingent upon the closing of the secondary offering. After the transactions, GE will not own any shares of Genworth common stock, the company said. The global coordinator and bookrunner for the offering was Merrill Lynch & Co., with Citigroup; Goldman, Sachs & Co; J.P. Morgan; and Morgan Stanley & Co. as bookrunners. Genworth can be found online at http://www.genworth.com.