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!