Genworth Merger Gets New Extension

RICHMOND - The deadline for a Chinese company's proposed acquisition of Henrico County-based Genworth Financial Inc. has been extended yet again - this time to April 1 as the companies continue to seek regulatory clearance for the deal.

Genworth, a seller of mortgage and long-term care insurance, announced late Wednesday it has reached an agreement with the acquiring company, China Oceanwide Holdings Group Co. Ltd., to extend the deadline from the previous date of Nov. 30.

The extension, Genworth said, "allows additional time for regulatory reviews of the transaction."

The proposed $2.7 billion acquisition was first announced in October 2016, and it was approved by Genworth shareholders in March. The original deadline to complete the deal was Aug. 31.

The deal has since been delayed under a review by the Committee on Foreign Investment in United States, or CFIUS, a multiagency committee that scrutinizes acquisitions of U.S. businesses by foreign entities.

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Genworth has received clearance from some state insurance regulators, including in Virginia.

Genworth, a major Richmond-area employer, has said it will take "mitigation approaches" to satisfy regulatory demands, but it has not detailed those steps.