Genworth Financial Inc. today announced two bits of good news.
Regulators in Australia have blessed Genworth’s efforts to sell itself to China Oceanwide Holdings Group Co. Ltd., and China Oceanwide has agreed to extend the companies’ merger agreement until July 1.
(Related: Genworth Gets $450 Million Term Loan)
China Oceanwide, a Beijing-based real estate and financial services company, announced plans to acquire Genworth in October 2016.
Originally, the companies hoped to complete the deal by mid-2017. Since then, the companies have agreed to four deal agreement extensions.
The current extension, which was the third, was set to end April 1.
Genworth has been known for selling life insurance, annuities and long-term care insurance in the United States, and mortgage insurance in the United States, Canada and Australia.
China also has financial services operations in many countries.
Regulators in North Carolina, South Carolina, Vermont and Virginia have approved the deal.
State insurance regulators in Delaware and New York state are still considering the deal.