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North Carolina signs off on Genworth/China Oceanwide deal


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North Carolina signs off on Genworth/China Oceanwide deal

The North Carolina Department of Insurance has approved China Oceanwide Holdings Group Co. Ltd.'s planned acquisition of Genworth Financial Inc.'s North Carolina-domiciled insurance companies, including Genworth Mortgage Insurance Corp.

The regulator's approval is conditioned on the receipt of all other required regulatory approvals, the protection of Genworth's "personally identifiable" information and the closing of the transaction within 90 days after the approval date.

The deal remains subject to other conditions, including clearance by the Committee on Foreign Investment in the United States and receipt of other required regulatory approvals in the U.S., China and other international jurisdictions.

Genworth and China Oceanwide on Oct. 2 once again withdrew their joint voluntary notice with the Committee on Foreign Investment, intending to refile the transaction with additional mitigation proposals.