Genworth closes sale of lifestyle protection unit to AXA
December 2, 2015 by IFAWebnews Staff
PRESS RELEASE: The following content has been reprinted in whole or part from a company-supplied press release or issued statement.
The adjusted sale price was approximately $490 million and net proceeds from the transaction, net of pension settlement costs, transaction related expenses and gains related to foreign exchange hedging are expected to be approximately $415 million.
A majority of the net proceeds are expected to be applied to the company’s debt which becomes due in 2016. The company will reflect any revisions to the loss on sale in the fourth quarter of 2015, based on the finalization of its post-closing adjustments. The closing of this transaction is another important step toward simplifying the business portfolio and increasing the financial flexibility and strength of Genworth, according to the firm.
Barclays and Sidley Austin LLP advised Genworth on this transaction.