Agreement With New York Regulators Buoys Genworth’s Stock
March 11, 2020 by Allison Bell
Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. say they have reached a preliminary agreement with New York state regulators over how much capital should be infused into a Genworth subsidiary in New York state.
The agreement should remove one of the remaining obstacles to efforts by China Oceanwide to acquire Genworth, Genworth and China Oceanwide said Monday.
The agreement in principle with New York calls for Genworth to contribute $100 million to the New York subsidiary once the China Oceanwide deal closes, Genworth and China Oceanwide said.
China Oceanwide, a Beijing-based real estate developer and financial services company, has been trying to acquire Genworth since October 2016.