FAIRFIELD, Conn.--(BUSINESS WIRE)--Feb. 27, 2006--GE (NYSE: GE) today announced that it is commencing a secondary public offering of approximately 71 million shares of the Class A Common Stock of Genworth Financial, Inc. (NYSE: GNW). Concurrently with the offering, Genworth also will repurchase 15 million shares of Genworth's Class B Common Stock directly from GE at the net price per share of Class A Common Stock that GE receives in the secondary offering. The repurchase will close simultaneously with, and be contingent upon, the closing of the secondary offering.
Upon completion of these transactions, GE will not own any shares of Genworth's common stock.
The global coordinator and bookrunner for the offering is Merrill Lynch & Co. Citigroup, Goldman, Sachs & Co., JPMorgan and Morgan Stanley are also bookrunners. Interested parties may obtain a written prospectus relating to this offering from Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Caution Concerning Forward-Looking Statements
2005 results are preliminary and quarterly information is unaudited. This document contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties which could adversely or positively affect our future results include: the behavior of financial markets, including fluctuations in interest rates and commodity prices; strategic actions, including dispositions; future integration of acquired businesses; future financial performance of major industries which we serve, including, without limitation, the air and rail transportation, energy generation, media, real estate and healthcare industries; unanticipated loss development in our insurance businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
Contacts
General Electric, Fairfield
Russell Wilkerson, 203-373-3193 (office)
203-581-2114 (mobile)
[email protected]