The Chinese company trying to acquire Genworth Financial Inc. and Genworth have agreed to a new deal completion period extension, Genworth announced Friday.
Genworth and a unit of China Oceanwide Holdings Group Co. Ltd. have agreed to extend the deadline to Jan. 31, 2019, from the previous deadline of Dec. 1.
The deadline extension is the seventh the companies have negotiated since they first announced the $2.7 billion deal, in October 2016.
China Oceanwide — a Beijing-based real estate development and financial services company — is working to acquire Genworth through Asia Pacific Global Co. Ltd.
“As previously announced, the parties continue to target closing the transaction in the fourth quarter of 2018,” Genworth said in an extension announcement filed with the U.S. Securities and Exchange Commission. “However, the parties recognize that securing all required regulatory approvals could extend into early 2019. The execution of the waiver agreement provides additional time, if necessary, to satisfy all outstanding closing conditions.”
Delaware insurance regulators held a hearing on the deal application last week. Genworth executives have said in the past that the deal also must get approvals from many other regulatory bodies, both in the United States and in other jurisdictions.
Ziqiang Lu, the chairman of Asia Pacific Global Capital Co. Ltd. and of Asia Pacific Global Capital USA Corp., signed the previous extension agreement, which was dated Aug. 14.
Xiaoxia Zhao, the director and general manager of Asia Pacific Global Capital Co. Ltd. and the president of Asia Pacific Global Capital USA Corp., signed the fifth extension agreement, which was dated June 28, and has now signed the seventh extension agreement, according to a copy of the seventh notice filed with the SEC.
In the past, Zhao was president of New York Life Insurance Company’s Haier New York Life Insurance Company unit and a senior vice president at New York Life.
— Read Genworth and China Oceanwide Push Back Deal Deadline, on ThinkAdvisor.