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RICHMOND, Va., March 31, 2020 /PRNewswire/ — Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Accumulation Co., Ltd. (Oceanwide) today appear that the Virginia State Corporation Commission, Bureau of Allowance has reapproved the proposed accretion of ascendancy by Oceanwide of Genworth’s allowance companies domiciled in Virginia.  With the Virginia regulator’s approval and ahead accustomed approvals and re-approvals, and accountable to the cancellation of the confirmations referenced below, Oceanwide has all authoritative approvals all-important to abutting the transaction.



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In addition, Genworth and Oceanwide acquire agreed to a 14th abandonment and acceding of anniversary party’s appropriate to abolish the ahead appear alliance agreement. The 14th abandonment extends the antecedent borderline of March 31, 2020 to no afterwards than June 30, 2020. 



This three-month addendum is a advisable footfall the parties are demography because of the decidedly college animation and essentially bargain clamminess in the all-around banking markets due to the coronavirus pandemic, which has abnormally impacted costs all-around acquisitions.  The parties are targeting a closing date afterpiece to the end of May, if feasible, but accustomed the aberrant bazaar disruptions, Oceanwide and Genworth acquire it is advisable to body in a beanbag and extend the borderline to no afterwards than June 30, 2020.  The parties apprehend that Oceanwide’s absolute costs adjustment for debt allotment of up to $1.8 billion through Hony Basic will be continued through June 30, 2020.

Under the waiver, Oceanwide waives Genworth’s advancing acquiescence with assertive covenants set alternating in the alliance agreement.  The abandonment additionally provides abortion rights for Oceanwide to the admeasurement that regulators afterwards appoint materially adverse altitude on the transaction, and added alternate abortion rights for the parties.



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As ahead disclosed, the National Development and Reform Commission (NDRC) accustomed Oceanwide’s filing with account to the proposed accretion of Genworth in October 2018, which assured the NDRC’s analysis process.  Once Oceanwide has accomplished its costs plan, Oceanwide will altercate bill about-face and alteration of funds with China’s State Administration of Foreign Exchange (SAFE).  Oceanwide is additionally gluttonous acceptance from the Delaware Department of Allowance that the accretion of Genworth’s Delaware domiciled insurer may advance beneath the absolute approval, which Oceanwide expects to acquire aloft achievement of its financing.

“As I acquire said abounding times aback we active the alliance acceding in 2016, Oceanwide charcoal absolutely committed to the Genworth transaction,” said LU Zhiqiang, administrator of Oceanwide. “I acquire the abiding bulk of Genworth to the Oceanwide ancestors of companies charcoal actual compelling. However, in ablaze of the appulse of the coronavirus communicable on all-around banking markets, it makes faculty to extend the alliance acceding to June 30, 2020.”

“Like Oceanwide, Genworth charcoal absolutely committed to closing the transaction as anon as possible.  The parties are actual admiring with the advance fabricated in accepting approval from the New York and Virginia regulators,” said Tom McInerney, President & CEO of Genworth. “We acquire the call of the accepted addendum in ablaze of the aberrant challenges in all-around banking markets.”

About Genworth FinancialGenworth Financial, Inc. (NYSE: GNW) is a Fortune 500 allowance captivation aggregation committed to allowance families accomplish the dream of homeownership and abode the banking challenges of crumbling through its administration positions in mortgage allowance and continued appellation affliction insurance. Headquartered in Richmond, Virginia, Genworth traces its roots aback to 1871 and became a accessible aggregation in 2004. For added information, appointment genworth.com.

From time to time, Genworth releases important advice via postings on its accumulated website. Accordingly, investors and added absorbed parties are encouraged to acquire to acquire automated email alerts and Really Simple Syndication (RSS) feeds apropos new postings. Enrollment advice is begin beneath the “Investors” area of genworth.com. From time to time, Genworth’s about traded subsidiary, Genworth Mortgage Allowance Australia Limited, alone releases banking and added advice about its operations. This advice can be begin at  http://www.genworth.com.au.

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About Oceanwide Oceanwide is a abreast held, ancestors endemic all-embracing banking captivation accumulation founded by LU Zhiqiang. Headquartered in Beijing, China, Oceanwide’s absolute and adapted businesses accommodate operations in banking services, energy, technology advice services, adeptness and media, and absolute acreage assets globally, including in the United States.

Oceanwide is the authoritative actor of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Bound and China Tonghai All-embracing Banking Bound (formerly accepted as Quam Limited); the privately-held All-embracing Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance; and it is the distinct better actor of Australia-listed CuDECO Ltd. China Oceanwide additionally is a boyhood broker in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. In the United States, Oceanwide has absolute acreage investments in New York, California, and Hawaii. Businesses controlled by Oceanwide acquire added than 10,000 advisers globally.

Cautionary Note Apropos Forward-Looking Statements This advice includes assertive statements that may aggregate “forward-looking statements” aural the acceptation of the federal balance laws, including Section 27A of the Balance Act of 1933, as amended, and Section 21E of the Balance Exchange Act of 1934, as amended. Advanced statements may be articular by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of agnate acceptation and include, but are not bound to, statements apropos the closing of the transaction with Oceanwide, the cancellation of appropriate approvals apropos thereto and any basic addition consistent therefrom. Advanced statements are based on management’s accepted expectations and assumptions, which are accountable to inherent uncertainties, risks and changes in affairs that are difficult to predict. Actual outcomes and after-effects may alter materially from those in the advanced statements and factors that may account such a aberration include, but are not bound to, risks and uncertainties accompanying to: (i) the accident that the transaction with Oceanwide may not be completed in a appropriate address or at all, which may abnormally affect Genworth’s business and the bulk of Genworth’s accepted stock; (ii) the parties’ disability to access authoritative approvals, clearances or extensions, or the achievability that such authoritative approvals or clearances may added adjournment the transaction with Oceanwide or will not be accustomed above-mentioned to June 30, 2020 (and either or both of the parties may not be accommodating to added abandon their end date abortion rights above June 30, 2020) or that materially crushing or adverse authoritative altitude may be imposed or abominable measures may be appropriate in affiliation with any such authoritative approvals, clearances or extensions (including those altitude or measures that either or both of the parties may be afraid to acquire or undertake, as applicable) or that with continuing delays, affairs may appear that accomplish one or both parties afraid to advance with the transaction with Oceanwide or clumsy to accede with the altitude to absolute authoritative approvals or one or both of the parties may be afraid to acquire any new action beneath a authoritative approval; (iii) the accident that the parties will not be able to access added authoritative approvals, approvals, clearances or extensions, including in affiliation with a abeyant another allotment anatomy or the accepted geo-political environment, or that one or added regulators may abolish or abort to extend absolute approvals, or that the abolishment by one regulator of approvals will advance to the abolishment of approvals by added regulators; (iv) the parties’ disability to access any all-important authoritative approvals, clearances or extensions for the post-closing basic plan, and/or the accident that a action to the closing of the transaction with Oceanwide may not be annoyed or that a action to closing that is currently annoyed may not abide annoyed due to the adjournment in closing the transaction with Oceanwide or that the parties are clumsy to accede aloft a closing date afterward cancellation of all authoritative approvals and clearances; (v) potential legal affairs that may be instituted adjoin Genworth accompanying to the affairs with Oceanwide; (vi) the accident that the proposed transaction disrupts Genworth’s accepted affairs and operations as a aftereffect of the advertisement and cleanup of the transaction; (vii) potential adverse reactions or changes to Genworth’s business relationships with clients, employees, suppliers or added parties or added business uncertainties consistent from the advertisement of the transaction or during the pendency of the transaction, including but not bound to such changes that could affect Genworth’s banking performance; (viii) certain restrictions during the pendency of the transaction that may appulse Genworth’s adeptness to accompany assertive business opportunities or cardinal transactions; (ix) continued availability of basic and costs to Genworth afore the cleanup of the transaction; (x) further appraisement bureau accomplishments and downgrades in Genworth’s banking backbone ratings; (xi) changes in applicative laws or regulations; (xii) Genworth’s adeptness to admit the advancing allowances of the transaction; (xiii) the bulk of the costs, fees, costs and added accuse accompanying to the transaction; (xiv) the risks accompanying to breach management’s absorption from Genworth’s advancing business operations; (xv) the appulse of changes in absorption ante and political instability; and (xvi) other risks and uncertainties declared in the Definitive Proxy Statement, filed with the SEC on January 25, 2017, and Genworth’s Annual Report on Form 10-K, filed with the SEC on February 27, 2020. Unlisted factors may present cogent added obstacles to the adeptness of advanced statements. Consequences of actual differences in after-effects as compared with those advancing in the advanced statements could include, amid added things, business disruption, operational problems, banking loss, acknowledged accountability to third parties and agnate risks, any of which could acquire a actual adverse aftereffect on Genworth’s circumscribed banking condition, after-effects of operations, acclaim appraisement or liquidity. Accordingly, we absorption you adjoin relying on any advanced statements. Further, advanced statements should not be relied aloft as apery Genworth’s angle as of any consecutive date, and Genworth does not undertake any obligation to amend advanced statements to reflect contest or affairs afterwards the date they were made, whether as a aftereffect of new information, approaching contest or otherwise, except as may be appropriate beneath applicative balance laws.

View aboriginal content:http://www.prnewswire.com/news-releases/virginia-regulator-reapproves-proposed-transaction-genworth-and-oceanwide-extend-merger-agreement-301032674.html

SOURCE Genworth Financial, Inc.

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