Henrico County-based Genworth Financial Inc. has cleared another regulatory hurdle in its long-delayed takeover bid by China Oceanwide Holdings Group Co. Ltd. On Tuesday, the New York State Department of Financial Services reapproved Oceanwide’s proposed acquisition of Genworth’s New York-based insurance company, Genworth Life Insurance Company of New York (GLICNY).
In connection with the reapproval, Genworth will contribute $100 million to GLICNY at the closing of the Oceanwide transaction.
Genworth and Oceanwide are discussing another “short extension” of the merger agreement beyond the current deadline of March 31, according to a statement from the companies.
