Genworth, Oceanwide provide update on efforts to obtain CFIUS clearance
Genworth Financial and China Oceanwide Holdings Group issued the following update on the status of their efforts to obtain clearance of their proposed transaction from CFIUS. Genworth and China Oceanwide remain committed to the transaction and have been working cooperatively with CFIUS since they first filed their original voluntary notice in January 2017. In October, the two parties withdrew their joint voluntary notice with the intent to refile the transaction with an additional mitigation approach to further protect the personal data of Genworth policyholders. "In the interim, we have been working with a leading U.S. third party data administrator to implement a mitigation approach that further protects our U.S. customers' personal private data," said Tom McInerney, president and CEO of Genworth Financial. "We believe further protecting the personal information of our U.S. customers makes our overall mitigation plan more robust than our previous CFIUS filings and expect to file our new mitigation plan in the near term, as soon as the key terms of the additional mitigation approach are finalized."