China Oceanwide agrees to buy Genworth for US$2.7b in cash
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SHANGHAI] China Oceanwide Holdings Group Co agreed to buy Genworth Financial Inc. for US$2.7 billion cash while helping the US company manage debt and bolster its life insurance businesses.
A China Oceanwide investment platform will pay US$5.43 per share and keep Genworth as a standalone subsidiary still led from Richmond, Virginia, by its own senior management team, the companies said Sunday in a statement.
Separately, China Oceanwide promised to contribute US$600 million to Genworth to address debt maturing in 2018, on or before its maturity, as well as US$525 million to strengthen the life insurance businesses.
BLOOMBERG
Share with us your feedback on BT's products and services
TRENDING NOW
Autobahn Rent A Car directors declared bankrupt over S$50 million each owed to DBS
Amazon’s MGM Studios gains creative control over ‘James Bond’ franchise
UOB’s Wee Ee Cheong says S$4.9 billion Citi deal ‘paying off’ as Asean push accelerates
In taxing wealth, how far can Singapore push property owners?
