Genworth Extends Merger Deadline With China-Based Company To Nov. 30

8/2/17

By John Reid Blackwell, Richmond Times-Dispatch

Genworth Financial Inc. said Tuesday that it has extended the deadline for its planned acquisition by a China-based company by three months to Nov. 30, as the proposed deal remains under regulatory review by the U.S. government.

Henrico County-based Genworth, an insurance company with thousands of employees in Virginia, announced in October that it had agreed to be acquired for about $2.7 billion by China Oceanwide, a privately held financial company based in Beijing.

Genworth shareholders approved the deal in March, but the proposed acquisition must also pass scrutiny by various U.S. and foreign government regulatory agencies. Those include the Committee on Foreign Investment in the United States, or CFIUS, a joint committee of several federal government agencies that reviews transactions resulting in control of a U.S. business by a foreign entity.

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