Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. are keeping their engagement on.
China Oceanwide, a Beijing-based real estate and financial services company, has been trying to acquire Richmond, Virginia-based Genworth for more than a year.
The companies originally hoped to complete the deal by Sept. 1. They agreed to one extension that pushed the completion deadline back to Nov. 30. The companies now have agreed to a second extension that pushes the completion deadline back to April 1, 2018.
China Oceanwide has insurance and financial services operations in many markets in Asia.
Genworth, which has been a major player in the life insurance, annuity and long-term care insurance markets, has subsidiaries based in several U.S. states. It also has large mortgage insurance operations in Australia and Canada.
One of the many regulators involved, the Committee on Foreign Investment in the United States, or CFIUS, appears to have raised questions about the deal.
Genworth has not offered any details about CFIUS officials' concerns, but Tom McInerney, Genworth's chief executive officer gave a hint in a statement included in the press release announcing the deal completion date extension.
