Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today provided an update on their pending transaction.
Genworth and Oceanwide remain committed to the transaction and continue to work towards closing as soon as possible. As announced on March 16, Genworth and Oceanwide submitted supplemental information to the state insurance regulators in New York, Virginia and Delaware, which reflect the conditions that are expected to facilitate a reapproval by New York.
Genworth and Oceanwide are in close communication with these three regulators as they review the submitted information. As part of these communications, Oceanwide is working on providing responses to limited requests for additional information as promptly as possible. Given the ongoing challenges due to the coronavirus pandemic, including the remote work policies that have been put into effect for the parties and regulators involved, the submission of additional information and the review processes have taken and may continue to take more time than would ordinarily be expected. Once these items are resolved, Oceanwide will also need to receive clearance in China for the currency conversion and transfer of funds in order to complete the transaction.
As a result, Genworth and Oceanwide are discussing a short extension of the merger agreement beyond the current deadline of March 31, 2020. The parties will provide an update on targeted timing of the transaction once an appropriate timeline is finalized.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com. From time to time, Genworth's publicly traded subsidiary, Genworth Mortgage Insurance Australia Limited, separately releases financial and other information about its operations. This information can be found at http://www.genworth.com.au.
About Oceanwide
Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Headquartered in Beijing, China, Oceanwide's well-established and diversified businesses include operations in financial services, energy, technology information services, culture and media, and real estate assets globally, including in the United States.
Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.? the Hong Kong-listed China Oceanwide Holdings Limited and China Tonghai International Financial Limited (formerly known as Quam Limited)? the privately-held International Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance? and it is the single largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. Businesses controlled by Oceanwide have more than 10,000 employees globally.
