Genworth Financial Stock Jumps 1% on Oceanwide Deal Progress

Genworth Financial (NYSE:GNW) stock is on the rise Friday following news that it’s moving forward with its Oceanwide deal.

Image of the Genworth Financial (GNW) Canada building.
Source: JHVEPhoto / Shutterstock.com

According to the recent report, the insurance company is moving toward closing the deal with Oceanwide. This most recent report says that Oceanwide is getting finances ready for its acquisition of Genworth Financial.

If these reports are true, then it means Genworth Financial and Oceanwide are one step closer to completing the deal. The current deadline gives them until Sept. 30 to complete the acquisition. Granted, a delay wouldn’t surprise anyone at this point.

Genworth Financial and Oceanwide initially started this acquisition back in 2016. Since then, the two companies have had to delay the closing of the deal a ridiculous 15 times. However, it could be that the deal will finally reach completion this time around.

Prior to this most recent update on the Genworth Financial and Oceanwide acquisition, the latest news came out late last month. According to those reports, Oceanwide had acquired the funding necessary to complete its purchase of GNW.

Genworth Financial has continued to assure investors that it’s moving forward with the Oceanwide deal. It said as much during a small update on Sept. 16. The company also announced plans for its annual shareholder meeting at that time. Just in case the deal didn’t reach completion fast enough to avoid the need for such a meeting.

GNW stock was up almost 1% as of Friday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


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