Genworth Announces $2.7 Billion Acquisition by China Oceanwide Subsidiary

October 24, 2016

Willkie represented Genworth Financial in the transaction, which includes $1.1 billion of additional capital to be contributed after consummation.

On October 23, 2016, Willkie client Genworth Financial, Inc. (NYSE: GNW) announced that it had entered into an agreement to sell itself to Asia Pacific Global Capital Co., Ltd., a newly formed subsidiary of China Oceanwide Holdings Group, Co., Ltd., a privately held international financial holding group headquartered in the People’s Republic of China. China Oceanwide agreed to purchase Genworth for $5.43 per share, for an aggregate consideration of approximately $2.7 billion. China Oceanwide also agreed to contribute an additional $1.1 billion of additional capital in connection with the consummation of the transaction. The transaction is expected to close in the middle of 2017.

Willkie served as lead transaction counsel to Genworth. The Willkie deal team was led by partners Alexander Dye and Rajab Abbassi and included partners Allison Tam, Matthew Stern, Michael Katz, Christopher Peters and David Mortlock; counsel Christopher Petito, Elizabeth Bannigan, Russell Smith and Miriam Bishop; and associates Hania Masud, Tim Porter, Alexis Anzelone, Amir Ghavi, Geri Anne McEvoy, Rachel Berk, Yevgeniy Markov, David Stauber, Isabel Araujo and Dunia Rkein.