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Financials

BRIEF-China Oceanwide to acquire Genworth financial for about $2.7 bln

Oct 23 (Reuters) - Genworth Financial Inc

* China oceanwide to acquire genworth financial

* Genworth financial- china oceanwide has agreed to acquire all of outstanding shares of genworth for total transaction value of approximately $2.7 billion

* China oceanwide to acquire genworth financial- $5.43 per share all-cash transaction

* Transaction is subject to approval by genworth’s stockholders

* As part of deal, china oceanwide has additionally committed to contribute to genworth $600 million of cash to address debt maturing in 2018

* Preliminary charges unrelated to this transaction of $535 to $625 million after-tax associated with long term care insurance claim reserves and taxes

* China oceanwide transaction is expected to mitigate negative impact of these charges

* Upon completion of deal, genworth will be standalone subsidiary of china oceanwide

* Genworth’s senior management team will continue to lead business from its current headquarters in richmond, virginia

* Day-To-Day operations are not expected to change as a result of this transaction

* Goldman, sachs & co. And lazard are acting as financial advisors to genworth

* Citi and willis capital markets & advisory are acting as financial advisors to china oceanwide and sullivan

* $1.1 billion in additional capital commitment by china oceanwide enables debt reduction and cash infusion to u.s. Life insurance businesses Source text for Eikon: Further company coverage:

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