China Oceanwide Holdings Group has received approval from the Virginia state regulator for its planned acquisition of Genworth Financial’s companies domiciled in the American state.
In a press statement, Genworth announced that the Bureau of Insurance under the Virginia State Corporation Commission has approved Oceanwide’s acquisition of Genworth’s Virginia-domiciled businesses – Genworth Life and Annuity Insurance Company and Jamestown Life Insurance Company.
The deal, which is valued at US$2.7 billion, is under the merger agreement signed by Genworth and Oceanwide on October 21, 2016.
The Virginia Bureau of Insurance's approval is based on the following conditions: (i) the completion of the merger transaction on the terms and conditions as set forth in the merger agreement; (ii) receipt of all other required regulatory approvals; and (iii) the continued protection of, and limited access to, certain personally identifiable information held by Genworth.
Before the deal is completed, it still needs to clear several other hurdles, such as clearance by the Committee on Foreign Investment in the United States (CFIUS) and other required regulatory approvals in the US, China, and other international jurisdictions.
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