Va. agencyOKs Genworth acquisition
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.