Genworth, China Oceanwide Extend Merger Deadline For 10th Time

The planned acquisition of Henrico County-based Genworth Financial Inc. by a China-based investment company has been delayed for a 10th time.

Genworth and China Oceanwide Holdings Group Co. Ltd said Monday that they agreed to extend the merger deadline until June 30. The previous deadline was April 30.

Genworth - a seller of mortgage and long-term care insurance that has thousands of employees in Virginia - first announced the $2.7 billion acquisition in October 2016. Shareholders approved the deal in March 2017, but it has since been tied up in numerous regulatory reviews.

While the agreement has received key U.S. regulatory approvals, Genworth is still seeking approval from regulators in Canada. China Oceanwide also is still seeking clearance in China for currency conversion and the transfer of funds.

Genworth said it plans to provide an update on "strategic objectives, including the pending transaction with Oceanwide," when it holds an investor conference call Wednesday to discuss its first-quarter earnings report.

Genworth had announced in March that if the closing of the deal extended beyond March 31, the companies might have to rework some financial terms of the deal.

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