M&A Deal Summary

China Oceanwide Holdings Acquires Genworth Financial

On October 23, 2016, China Oceanwide Holdings acquired insurance company Genworth Financial for 2.7B USD

Acquisition Highlights
  • This is China Oceanwide Holdings’ 1st transaction in the Insurance sector.
  • This is China Oceanwide Holdings’ largest (disclosed) transaction.
  • This is China Oceanwide Holdings’ 1st transaction in the United States.
  • This is China Oceanwide Holdings’ 1st transaction in Virginia.

M&A Deal Summary

Date 2016-10-23
Target Genworth Financial
Sector Insurance
Buyer(s) China Oceanwide Holdings
Deal Type Add-on Acquisition
Deal Value 2.7B USD
Advisor(s) Goldman Sachs (Financial)
Willkie Farr & Gallagher
Weil Gotshal & Manges (Legal)

Target

Genworth Financial

Richmond, Virginia, United States
website
Genworth's corporate headquarters in Richmond, Virginia.
Genworth's corporate headquarters in Richmond, Virginia.
Genworth Financial, Inc. is a provider of individual and group long-term care insurance products to meet growing consumer needs for long-term care. The Company's life insurance products protect people during unexpected events. In the United States, retirement products include various types of annuity and guaranteed retirement income products. Genworth also facilitates homeownership in the United States and internationally by providing mortgage insurance products that allow people to purchase homes with low down payments while protecting lenders against the risk of default. Through homeownership education and assistance programs, Genworth also helps people keep their homes when they experience financial difficulties.

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Buyer(S) 1

Buyer

China Oceanwide Holdings

Beijing, China

website


Category Company
Founded 1985
Sector Diversified
DESCRIPTION

China Oceanwide Holdings is a diversified conglomerate with businesses that include operations in financial services, energy, culture and media, and real estate assets globally, and in the United States.


DEAL STATS #
Overall 1 of 2
Sector (Insurance) 1 of 2
Type (Add-on Acquisition) 1 of 1
State (Virginia) 1 of 2
Country (United States) 1 of 2
Year (2016) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-14 Genworth Life Insurance

Richmond, Virginia, United States

Genworth Life Insurance Co. is an insurance company formed by Genworth Financial, Inc.

Buy -