China Oceanwide acquisition of Genworth Update
Genworth Financial (GNW) and China Oceanwide (CO) announced earlier this month that they reached an agreement in principle with the New York State Department of Financial Services (NYDFS), whereby the companies believe they will receive a reapproval from the NYDFS of CO’s proposed acquisition of Genworth Life Insurance Company of New York (GLICNY). This agreement will include a $100 million capital infusion from GNW to GLICNY upon the closing of the acquisition of GNW by CO. The reapproval of the NYDFS remains subject to submission and approval of the documentation setting forth the agreed upon conditions.