Podcast Center
Video Center
Webcasts
Resource Center
Events
By 
June 29, 2018 at 12:31 PM
The company trying to acquire Genworth Financial Inc. has agreed to keep working on completing the deal.
Genworth and a unit of China Oceanwide Holdings Group Co. Ltd. have agreed to a fifth deal negotiation extension.
The current extension, which is the fourth, expires Saturday.
The new extension expires Aug. 15.
(Related: Genworth Clears Major Obstacle to Completing China Oceanwide Deal)
Genworth is a Richmond, Virginia-based company that has a large, active mortgage insurance business. It also been a major player in the U.S. life insurance, annuity and long-term care insurance markets.
China Oceanwide is a Beijing-based real estate development and financial services company. It announced plans to try to acquire Genworth in October 2016.
The companies achieved a major milestone earlier this month when a secretive U.S. deal national security review agency, the Committee on Foreign Investment in the United States, decided to let the deal move forward.
Xiaoxia Zhao, the general manager of Asia Pacific Global Capital Co. Ltd., a China Oceanwide unit, and the president of China Oceanwide’s Asia Pacific Global Capital USA Corp. unit, is the China Oceanwide representative who actually signed the extension agreement for China Oceanwide.
Genworth said Thursday, in a press release announcing the deal completion data extension, that it and China Oceanwide seek approvals for the transaction from agencies in the United States, China and other international jurisdictions.
Genworth said it and China Oceanwide are also working on the plan for China Oceanwide to provide a total of $1.5 billion in capital for Genworth, over time, after the completion of the deal.
“The contribution would be used to further improve Genworth’s financial stability, which could include retiring Genworth’s debt due in 2020 and 2021 or enabling future growth opportunities,” Genworth said.
