Genworth Axes $2.7B Merger Deal With China-Based Company
Genworth is walking away from a potential merger with a China-based company.
Richmond Times-Dispatch (VA)
More than four years after it was first announced, Genworth Financial Inc. s plan to sell itself to a China-based investment company is officially dead.
The Henrico County-based insurance giant said Tuesday it has terminated its merger agreement with China Oceanwide Holdings Group Co. Ltd., a Beijing-based company that agreed in October 2016 to buy Genworth for about $2.7 billion, or $5.43 per share in cash.
The deal subsequently got tied up in years of government regulatory reviews in the United States and Canada, forcing Genworth and China Oceanwide to delay the completion of the merger 17 times.