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Genworth's Sale of Financial Advisor Unit Credit Positive

Following a larger trend of companies industry–wide shedding non-core businesses in order to emerge nimbler and more focused, Genworth Financial Inc., announced last week that they had reached an agreement to sell Genworth Financial Investment Services (GFIS), their tax and financial advisor unit, to Cetera Financial Group.

The deal is viewed as credit positive by Moody’s in their Weekly Credit Outlook. Under the terms of the deal, Cetera will provide Genworth with $78.5 million at the closing in addition to an earn-out provision. The deal is expected to close in 90 days and Genworth anticipates that they will report an after-tax gain of $15 million regarding the sale.

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Nichole Morford

Nichole Morford
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