Genworth Financial terminates $2.7b buyout deal with China Oceanwide
April 7, 2021
Genworth Financial Inc has terminated a $2.7 billion buyout agreement with investment firm China Oceanwide Holdings Group Co, the U.S. insurer said on Tuesday.
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Oceanwide had earlier announced the sale of the project to a Beijing-based fund manager for just over $1 billion but the deal was later terminated.
The US insurer sought to assuage concerns about personal consumer information becoming more vulnerable after the deal with the China-based company.