“China Oceanwide’s $2.7 Billion Takeover of Genworth Financial Passes U.S. Security Review,” by Kate O’Keeffe, Wall Street Journal

“A U.S. national security panel approved a Chinese conglomerate’s $2.7 billion takeover of Richmond, Va.-based insurer Genworth GNW 2.42% Financial Inc., after the companies convinced authorities they would take extraordinary steps to secure Americans’ personal data. The approval by the Committee on Foreign Investment in the U.S. for China Oceanwide Holdings Group Co.’s deal marks the largest publicly reported Chinese deal to win CFIUS’s blessing during the administration of President Donald Trump. … Proponents of the deal billed it as a way to revive the U.S.’s struggling long-term-care business after Genworth, one of the industry’s largest providers, lost about $2 billion on those policies. As part of the deal, China Oceanwide said it would give Genworth an additional $1.1 billion cash infusion. The Chinese firm has said it wants to use Genworth’s expertise to bring long-term-care insurance to China.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Big news for Genworth. This story is behind a pay wall. We’ll send the news again when it is reported in a public-access story.

China Oceanwide’s $2.7 Billion Takeover of Genworth Financial Passes U.S. Security Review

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#goldencareagent