Genworth and Oceanwide provide update on proposed transaction

Genworth Financial  and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) 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.