Genworth pulls plug on its acquisition by China Oceanwide

Virginia News

RICHMOND, Va. (AP) — Insurer Genworth Financial has pulled the plug on its long-delayed acquisition by a Chinese company.

The provider of mortgage and long-term care insurance based in Richmond, Virginia, said Tuesday that it had exercised its right to terminate the deal with Beijing-based China Oceanwide Holdings Group Co.

The deal was first announced in 2016, with China Oceanwide agreeing to buy Genworth for about $2.7 billion.

It was originally expected to close in the following year.

But regulatory hurdles and financing issues repeatedly delayed the marriage, which was further complicated this past year by the global coronavirus pandemic.

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