A large financial services company says it will be losing the last significant financial links to its former corporate parent.
General Electric Company, Fairfield, Conn., is preparing to sell a block of 71 million shares of the Class A common stock of Genworth Financial Inc., Richmond, Va., through an underwritten secondary public offering, Genworth says.
Genworth will not receive any proceeds from the transaction, and it will follow the Class A share sale by buying 15 million shares of Class B common stock from General Electric at the price paid for the Class A shares.
Once the Class A and Class B share sales are done, General Electric will no longer own any shares of Genworth common stock, Genworth says.
Genworth was once part of GE Financial. General Electric began converting into a stand-alone company in May 2004.