Genworth Says Would-Be Buyer Is Having Trouble Closing on Financing
July 1, 2020 by Allison Bell
Genworth Financial Inc. says China Oceanwide Holdings Group Co. Ltd. of Beijing is having trouble nailing down the financing it needs to pay to acquire Genworth.
China Oceanwide — a financial services and real estate development company based in Beijing — has been trying to acquire Genworth for about four years. The company is in the process of closing on a $1.8 billion financing arrangement from Hony Capital, a big, Hong Kong-based private equity firm.
“Oceanwide has indicated that the financing has been delayed due to the COVID-19 pandemic and uncertain macroeconomic conditions,” Genworth said in a comment included in the financing delay announcement.
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