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.
Inman Connect
Coldwell Banker was on the move even before the coronavirus pandemic changed everything.
All the way back in early 2019, the company which was founded more than a century ago unveiled a new, digital-friendly logo and rebranding effort. Later that year, the firm’s parent Realogy launched an ambitious agent healthcare program that first became available in company-owned Coldwell Banker offices. And in February of 2020, the firm launched a new program to boost diversity among its franchisees.
It’s no surprise, then, that Coldwell Banker thrived when 2020 got crazy and COVID-19 turned everything on its head. In November, for example, CEO M. Ryan Gorman revealed that he was seeing brisk sales across the country. A few months earlier, Coldwell Banker rolled out a slew of new technology tools, and weeks before that welcomed three brokerages to its diversity program.