Genworth Financial Inc. says its would-be buyer, China Oceanwide Holdings Group Co. Ltd., has confirmed having one part of the deal financing in place and is now working on finalizing the rest of the financing.
China Oceanwide agreed to pay a total of $2.7 billion for Genworth in October 2016.
China Oceanwide is a Beijing-based real estate developer and financial services company.
Genworth is a Richmond, Virginia-based mortgage insurer that has been a major player in the life insurance, annuity and long-term care insurance markets.
Genworth said earlier this week that the companies now have all U.S. approvals that they need, except for a confirmation from the Delaware Department of Insurance that an existing Delaware approval is still valid.
Genworth reported that China Oceanwide has been planning to use a $1.8 billion financing arrangement from Hony Capital to pay for part of the deal.