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GENWORTH FINANCIAL INC

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Genworth Financial : State regulators reapprove $2.7B acquisition of Genworth Financial by China Oceanwide Virginia state regulators again give OK for $2.7 billion acquisition of Genworth

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01/12/2019 | 04:07am EDT

Genworth Financial Inc. has received several more regulatory approvals for its planned acquisition by a China-based investment company.

The proposed $2.7 billion acquisition of Henrico County-based Genworth by China Oceanwide Holdings Group Co. Ltd. was first announced in October 2016, but it has been delayed by multiple regulatory reviews, forcing the companies to extend the merger deadline six times.

Genworth, a seller of mortgage insurance and long-term care insurance, said Friday that the Virginia State Corporation Commission'sBureau of Insurance has reapproved the deal's transfer of control of Genworth'sVirginia-domiciled insurance companies, Genworth Life and Annuity Insurance Co. and Jamestown Life Insurance Co.

Insurance regulators in North Carolina, South Carolina and Vermont also have reapproved the acquisition as its relates to Genworth's subsidiaries domiciled in those states.

The state regulators had previously approved the deal, but Genworth and China Oceanwide had to re-apply after the companies altered the structure of the deal in May 2018.

Genworth and China Oceanwide most recently extended the deadline to complete the merger to Jan. 31.

The companies are still waiting for approval from government regulators in China.

The deal values Genworth at $5.43 per share in cash. Shares closed Friday at $4.80, up 3 cents from the previous day's close.

jblackwell@timesdispatch.com(804) 775-8123

© © Copyright 2019, Richmond Times-Dispatch, Richmond, VA, source Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
CHINA OCEANWIDE HOLDINGS LTD -2.17% 0.45 End-of-day quote.16.88%
GENWORTH FINANCIAL INC -3.04% 3.83 Delayed Quote.-17.81%
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Financials ($)
Sales 2019 8 414 M
EBIT 2019 -
Net income 2019 529 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 4,40
P/E ratio 2020 4,51
Capi. / Sales 2019 0,23x
Capi. / Sales 2020 0,23x
Capitalization 1 918 M
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Mean consensus HOLD
Number of Analysts 4
Average target price 4,50 $
Spread / Average Target 17%
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Managers
NameTitle
Thomas J. McInerney President, Chief Executive Officer & Director
Rohit Gupta President & CEO-US Mortgage Insurance Business
James Sellers Riepe Non-Executive Chairman
Kevin D. Schneider Chief Operating Officer & Executive Vice President
Kelly L. Groh Chief Financial Officer & Executive Vice President
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