Genworth Financial Targets To Close Transaction With Oceanwide By Year-end

(RTTNews) - Genworth Financial, Inc. (GNW) announced the company and Oceanwide continue to work towards closing their previously announced proposed transaction. On October 26, 2018, the Delaware Department of Insurance announced it scheduled a public hearing on November 28, 2018 on the proposed acquisition of control of Delaware-domiciled Genworth Life Insurance Company (GLIC) by entities affiliated with Oceanwide in connection with the pending acquisition of Genworth by Oceanwide.

"The scheduling of the hearing with Delaware is a significant milestone in our regulatory review process and a major step towards closing the transaction with Oceanwide. Given the timing of the hearing and subsequent expected review period, we are targeting closing the transaction by year-end," said Tom McInerney, president and CEO of Genworth.

The closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions.