China Oceanwide agrees to pay $2.7 billion for Genworth

October 25, 2016 by Allison Bell

China Oceanwide Holdings Group Co. Ltd. has agreed to pay $5.43 per share in cash for Genworth Financial.

Completing the deal would give Genworth — a Richmond, Virginia-based seller of long-term care insurance, mortgage guaranty insurance and annuities — a value of about $2.7 billion, Genworth said Sunday.

China Oceanwide, a family-owned, Beijing-based real estate developer, has also agreed to provide $525 million in cash for Genworth’s U.S. life insurance businesses, and $600 million in cash Genworth can use to refinance or retire notes set to mature in 2018.

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Originally Posted at LifeHealthPro on October 24, 2016 by Allison Bell.