BRIEF-China Oceanwide to acquire Genworth financial for about $2.7 bln
Oct 23 (Reuters) - Genworth Financial Inc * China oceanwide to acquire genworth financial * Genworth financial- china oceanwide has agreed to acquire all of outstanding shares of genworth for total transaction value of approximately $2.7 billion * China oceanwide to acquire genworth financial- $5.43 per share all-cash transaction * Transaction is subject to approval by genworth's stockholders * As part of deal, china oceanwide has additionally committed to contribute to genworth $600 million of cash to address debt maturing in 2018 * Preliminary charges unrelated to this transaction of $535 to $625 million after-tax associated with long term care insurance claim reserves and taxes * China oceanwide transaction is expected to mitigate negative impact of these charges * Upon completion of deal, genworth will be standalone subsidiary of china oceanwide * Genworth's senior management team will continue to lead business from its current headquarters in richmond, virginia * Day-To-Day operations are not expected to change as a result of this transaction * Goldman, sachs & co. And lazard are acting as financial advisors to genworth * Citi and willis capital markets & advisory are acting as financial advisors to china oceanwide and sullivan * $1.1 billion in additional capital commitment by china oceanwide enables debt reduction and cash infusion to u.s. Life insurance businesses Source text for Eikon: Further company coverage:
