Genworth's Acquisition By China-Based Firm Faces Another Regulatory Delay

7/14/17

By John Reid Blackwell, Richmond Times-Dispatch

The proposed acquisition of Henrico County-based Genworth Financial Inc. by a China-based company is facing a regulatory delay that is likely to push the deal past its planned completion date.

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 companies also must get various U.S. and foreign government regulatory approvals. That includes a review by the Committee on Foreign Investment in the United States, or CFIUS, a federal government committee that reviews transactions resulting in control of a U.S. business by a foreign entity.

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