New York Reapproves China Oceanwide-Genworth Deal
March 25, 2020 by Allison Bell
The New York State Department of Financial Services today cleared one of the major obstacles to China Oceanwide Holdings Group Co. Ltd. acquiring Genworth Financial Inc.
The department has reapproved the Beijing-based real estate and financial services company’s efforts to acquire control over a Genworth subsidiary that’s legally based in New York, Genworth Life Insurance Company of New York.
China Oceanwide has been trying to acquire Genworth since October 2016.
The original New York state deal approval expired in March 2019.