Va. agen­cyOKs Gen­worth ac­qui­si­tion

Richmond Times-Dispatch - - BUSINESS RTD - BY JOHN REID BLACK­WELL jblack­well@times­dis­ (804) 775-8123

The pro­posed ac­qui­si­tion of Gen­worth Fi­nan­cial Inc. by a China-based com­pany has cleared a reg­u­la­tory hur­dle in Vir­ginia.

Henrico County-based Gen­worth said Thurs­day that the Vir­ginia State Cor­po­ra­tion Com­mis­sion Bureau of In­surance ap­proved the com­pany’s pro­posed ac­qui­si­tion by China Ocean­wide Hold­ings Group Co. Ltd.

Gen­worth, an in­surance com­pany with thou­sands of em­ploy­ees in Vir­ginia, an- nounced in Oc­to­ber that it had agreed to be ac­quired for about $2.7 bil­lion by China Ocean­wide, a pri­vately held fi­nan­cial com­pany based in Bei­jing.

Gen­worth share­hold­ers ap­proved the ac­qui­si­tion in March, but com­ple­tion of the deal has since been de­layed as U.S. and for­eign gov­ern­ment reg­u­la­tory agen­cies re­view it.

It re­mains un­der scru­tiny by the Com­mit­tee on For­eign In­vest­ment in the United States, or CFIUS, a joint com­mit­tee of sev­eral fed­eral gov­ern­ment agen­cies. In Au­gust, Gen­worth an­nounced it had ex­tended the dead­line for the ac­qui­si­tion by three months to Nov. 30 to give the com­mit­tee more time.

The Vir­ginia Bureau of In­surance re­viewed the pro­posed ac­qui­si­tion of Gen­worth’s Vir­ginia-domi­ciled in­surance com­pa­nies, Gen­worth Life and An­nu­ity In­surance Co. and Jamestown Life In­surance Co.

The agency ap­proved the ac­qui­si­tion un­der sev­eral con­di­tions, in­clud­ing that it re­ceives all other reg­u­la­tory ap­provals and that per­son­ally iden­ti­fi­able in­for­ma­tion held by Gen­worth be pro­tected.

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