Was Genworth sold to a Chinese company?
No, Genworth Financial was never ultimately sold to a Chinese company, despite a multi-year acquisition agreement signed with China Oceanwide Holdings Group. The planned cross-border transaction faced exhaustive, prolonged regulatory reviews by American and international oversight bodies, compounded by severe economic disruptions and financing complications. After more than four years of waiting for approvals and granting numerous deadline extensions, Genworth's board of directors officially terminated the merger agreement, citing a lack of clarity and the improbability of closing the deal within a viable timeframe. Consequently, Genworth remained an independent publicly traded American insurance corporation, pursuing domestic corporate strategies and debt reduction programs rather than proceeding with the Chinese acquisition.
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