China Oceanwide Holdings Group Co., Ltd., a Beijing-based financial holding company founded by Chinese billionaire Lu Zhiqiang (pictured), has agreed to acquire struggling U.S. mortgage and long-term care insurance firm Genworth Financial, Inc. for about US$2.7 billion, the companies announced.
China Oceanwide will pay US$5.43 per share in cash for New York Stock Exchange-listed Genworth, whose shares closed trading on Friday at US$5.21.
In addition, China Oceanwide has committed to contribute US$600 million in cash to address Genworth's debt maturing in 2018, as well as US$525 million of cash to the U.S. life insurance businesses, in a deal structure the companies say would increase the likelihood of obtaining regulatory appro...
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