COVID-19 May Delay China Oceanwide-Genworth Deal Closing

The companies still need to answer some questions from regulators.

“Given the ongoing challenges due to the coronavirus pandemic, including the remote work policies that have been put into effect for the parties and regulators involved, the submission of additional information and the review processes have taken and may continue to take more time than would ordinarily be expected,” the companies said. “As a result, Genworth and Oceanwide are discussing a short extension of the merger agreement beyond the current deadline of March 31, 2020. The parties will provide an update on targeted timing of the transaction once an appropriate timeline is finalized.”

Genworth is a Richmond, Virginia-based company that has large mortgage insurance operations in the United States and Australia. It was a leader in the stand-alone long-term care insurance market and still has large blocks of life and annuity business on its books.

China Oceanwide is a large, Beijing-based real estate developer and financial services company.

— Read New Coronavirus Hangs Over China Oceanwide Affiliate’s Board Meeting, on ThinkAdvisor.

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