Genworth to be Acquired by China Oceanwide
Genworth has agreed to be acquired by China Oceanwide for $5.43 per share in cash, for a total transaction value of approximately $2.7 billion. Here are three key points to the sale, per Genworth:
- There is no change for existing policyholders or future policyholders as a result of this announcement.
- Genworth will be a stand-alone subsidiary and therefore the Senior Management team will remain in place and continue to lead Genworth as it does today. There will be no change to day-to-day operations.
- China Oceanwide will provide financial support to help Genworth strengthen their businesses (LTC and MI) and uphold existing commitments to policyholders, distribution partners and lenders!
The press release can be found here. A letter from CEO Tom McInerney is here.