Genworth Sold to China-based Firm – Richmond Times

The top executive at Genworth Financial Inc. assured analysts and investors Monday that the proposed sale to a China-based investment firm was “the best option” to preserve and create value for shareholders.

Genworth, a major seller of home mortgage insurance and long-term care insurance, announced Sunday evening that its board agreed for the Henrico County-based company to be bought for about $2.7 billion by Beijing-based China Oceanwide Holdings Group, a privately held international financial company that has been expanding its holdings in the U.S.

Source: Genworth CEO: selling company to China-based firm is ‘best option’ – Richmond Times-Dispatch: Richmond Area Business News

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