“Chinese investment firm China Oceanwide Holdings 0715 1.30 % Group Co. said it agreed to buy U.S.-based insurer Genworth Financial Inc. GNW 0.97 % for about $2.7 billion. China Oceanwide has been pouring hundreds of millions of dollars into U.S. commercial and residential property in the past two years. The privately held firm which is based in Beijing, was founded by Lu Zhiqiang. China Oceanwide will pay $5.43 a share in cash for shares of Genworth, which closed trading on Friday at $5.21. … The transaction, which has been approved by both companies’ boards, is expected to close by the middle of 2017, subject to the receipt of regulatory approvals. Both China Oceanwide and Genworth have initiated discussions with regulators in key jurisdictions, according to the companies.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Big news and how it will affect LTCI in the USA is anybody’s guess.
Reminder: The Wall Street Journal is gated.
See Genworth’s News Release:
China Oceanwide To Acquire Genworth Financial