Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. have secured the Delaware Department of Insurance's approval for their proposed merger.
In 2016, China Oceanwide agreed to acquire Genworth Financial for about $2.7 billion. Under the merger agreement, China Oceanwide will also gain control of Genworth Financial's Delaware-domiciled insurance company, Genworth Life Insurance Co.
Fannie Mae and Freddie Mac have also approved China Oceanwide's control of Genworth Mortgage Insurance Corp., the flagship company of Genworth's U.S. mortgage insurance business. The approvals include certain conditions, which are subject to confidentiality obligations. The parties expect being able to meet the conditions.
Regulators in Australia and New Zealand have also approved the proposed transaction.
The completion of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China and other international jurisdictions and other closing conditions.
In November, Genworth Financial and China Oceanwide have announced that they pushed the deadline for their merger to close to Jan. 31, 2019, to give them additional time to satisfy all outstanding closing conditions.