Goldman Sachs seeking to sell $280 million Genworth Australia stake

Investment bank Goldman Sachs was seeking to sell 92.3 million shares in Genworth Mortgage Insurance Australia on Monday afternoon.

Sources said Goldman was selling on behalf of Genworth’s United States-listed parent, Genworth Financial.

The shares would represent a 14.2 per cent stake in the Australian company.

The deal launched on Monday afternoon and priced at $3.08 a share or a slim 1.9 per cent discount to the $3.14 closing price on Monday.

Goldman Sachs was seeking bids by 9pm on Monday night, Australian Eastern Standard Time, according to a termsheet sent to fund managers on Monday afternoon.

Buyers were told Genworth Financial would retain a 52 per cent stake in the company, which would not be sold until after Genworth Australia reported its results for the year to June 30 2015.

The Australian Financial Review