Status: Upcoming/New Filing

Acquirer: China Oceanwide Holdings Group Co. Ltd (China)

Acquired: Genworth Financial Inc. (US)

Value: US$2.7 billion

Industry: Financial Services

On October 21, 2016, China Oceanwide Holdings Group Co., Ltd., a privately held international financial group based on China, and Genworth Financial, Inc., a U.S. insurance company, announced that they have entered into a definitive agreement under which China Oceanwide will acquire all of the outstanding shares of Genworth for a total transaction value of approximately US$2.7 billion. (See Genworth, Form 8-K, Oct. 21, 2016, SEC Filing; Genworth Press Release, China Oceanwide to Acquire Genworth Financial, Oct. 23, 2016.) According to Genworth’s Form 8-K filing, the transaction is subject to approval by the Committee on Foreign Investment in the United States (CFIUS).

Mr. Lu Zhiqiang, Chairman of China Oceanwide, stated in the Genworth press release “we have structured the transaction with the intention of increasing the likelihood of obtaining regulatory approval.” (See Genworth Press Release.) In a recent earnings call, Thomas J. McInerney, President, CEO & Director of Genworth Financial stated that  “we and China Oceanwide will commence the review and approval processes with the regulators involved, including CFIUS, or the Committee on Foreign Investment in the U.S., by completing applicable filings within the coming weeks.” (See Genworth Financial Schedule 14A SEC Filing, Nov. 7, 2016.)