Deadline Extended Again For Genworth Sale To Firm Based In China

Richmond Times-Dispatch (VA)

The deadline for Genworth Financial Inc.’s proposed $2.7 billion acquisition by a China-based investment company is being delayed yet again as the companies continue to seek regulatory approvals for the deal.

Henrico County-based Genworth and China Oceanwide Holdings Group Co. Ltd. said late Wednesday that they have agreed to extend the deadline for the merger from Jan. 31 to March 15.

The acquisition, which was first announced in October 2016, received the final clearances needed from state insurance agencies in the United States earlier this month.

The deal still needs to be approved by regulators in Canada and by the U.S. Financial Industry Regulatory Authority. In addition, Oceanwide must get clearance from regulators in China for currency conversion and the transfer of funds.

The top executives for both companies said in statements Thursday that they remain committed to the deal.

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