Genworth: China Oceanwide, Hony leaders work on financing, source says

Senior executives at China Oceanwide and Hony Capital continue to work on lining up funding for the USD 1.8bn offshore bridge loan from Hony that China Oceanwide needs to fund its long-pending acquisition of Genworth Financial, said a source familiar with the matter.

 

China Oceanwide still believes it is important for the company and Virginia-based Genworth to close the USD 2.7bn deal, said the source, who added that China Oceanwide cannot afford to let the deal fail after spending so much time and money to acquire the Virginia-based insurance company. The agreement, originally reached in October 2016, has repeatedly been extended as the parties resolved a number of problems.

 

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by George Shen in Shanghai and Yiqin Shen in New York