China Oceanwide Holdings Group Co. Ltd. appears to be getting closer to the day when it has to pay to complete its long-delayed acquisition of Genworth Financial Inc.
The companies announced today that they have cleared one more regulatory obstacle — getting reapproval for the deal from the Virginia Bureau of Insurance.
The companies also pushed the deal completion deadline back to June 30, from today.
(Related: New York Reapproves China Oceanwide-Genworth Deal)
The companies say these steps now stand between them and completing the deal:
- Insurance regulators in Delaware must confirm that Delaware’s existing deal approval still applies.
- China’s State Administration of Foreign Exchange must reapprove China Oceanwide’s conversion of the funds needed to pay for the deal, and the transfer of the funds needed to pay for the deal.
- China Oceanwide must finalize financing for the deal.
China Oceanwide is a Beijing-based financial services company and real estate developer. It has an 88-story office building and a large residential construction project in Wuhan, a city in China that was hit hard by the COVID-19 pandemic.
Genworth is a Richmond, Virgina-based company that’s descended from General Electric’s financial services affiliates. It is a major mortgage insurance provider, and it was a major provider of life insurance, annuities and long-term care insurance.
China Oceanwide has been trying to acquire Genworth since October 2016.
The companies have often pushed back their deal completion deadlines. The latest extension period was set to expire today. The companies have now agreed to push the deadline back one more time, to June 30.
The companies appear to imply in the announcement released today that they are pushing the deadline back because of issues related to financing as well as issues related to getting regulatory approvals.