Enact’s Initial Public Offering

Skadden, Arps, Slate, Meagher & Flom advised Genworth Financial in connection with the transaction. Cleary Gottlieb Steen & Hamilton represented the underwriters.

Enact Holdings, Inc. (Enact) executed the pricing of its initial public offering of 13,310,400 shares of common stock at a price to the public of $19.00 per share. The shares began trading on the Nasdaq Global Select Market under the ticker symbol “ACT.”  All of the shares are being offered by the selling stockholder, Genworth Holdings, Inc. (GHI), a wholly owned subsidiary of Genworth Financial, Inc., and Enact will not receive any proceeds from the sale of shares by GHI. 

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as lead book-running managers for the offering. BofA Securities, Inc. and  Credit Suisse Securities (USA) LLC are serving as joint book-running managers and Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Keefe, Bruyette & Woods, Inc., BTIG LLC and Dowling & Partners Securities LLC are serving as co-managers.

Enact, operating principally through its wholly owned subsidiary Genworth Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. 

The Skadden team included Capital Markets and Financial Institutions partner Dwight Yoo (Picture), and associates Lyall Stuart and Leo Chomiak (Washington, D.C.); Executive Compensation and Benefits partners Joseph Penko and Shalom Huber; and SEC Reporting and Compliance counsel Caroline Kim (Washington, D.C.). All attorneys are located in New York unless otherwise noted.

The Cleary team included partners Craig Brod and Jeff Karpf, senior attorney David Parish and law clerk Emory Cook. All lawyers are based in New York.

Involved fees earner: Craig Brod – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; David Parish – Cleary Gottlieb Steen & Hamilton; Leo Chomiak – Skadden Arps Slate Meager & Flom; Shalom Huber – Skadden Arps Slate Meager & Flom; Caroline Kim – Skadden Arps Slate Meager & Flom; Joseph Penko – Skadden Arps Slate Meager & Flom; Lyall Stuart – Skadden Arps Slate Meager & Flom; Dwight Yoo – Skadden Arps Slate Meager & Flom;

Law Firms: Cleary Gottlieb Steen & Hamilton; Skadden Arps Slate Meager & Flom;

Clients: Bank of America Securities; BTIG, LLC; Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC; Deutsche Bank Securities; Dowling & Partners Securities; Genworth Financial, Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Keefe, Bruyette & Woods, Ltd.;

Author: Martina Bellini