Genworth (GNW) Files Preliminary Prospectus for Canadian IPO
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Genworth (NYSE: GNW) announced that a preliminary prospectus was filed today with the Canadian securities administrators for an initial public offering of a minority stake in Genworth's Canadian mortgage insurance operations. The offering is subject to customary regulatory reviews and market conditions and is expected to be completed in the third quarter of 2009.
Genworth previously announced that it expects to sell up to 49 percent of its ownership interest in the Canadian mortgage insurance business and plans to hold the majority position for the foreseeable future.
"We believe this IPO, when completed, reinforces our already sound financial foundation, provides us with additional financial flexibility and enables Genworth to continue to benefit from the earnings associated with our majority ownership position in the Canadian mortgage insurance business," said Michael D. Fraizer, chairman and chief executive officer.
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