Goldman Sachs and Lazard Advise Genworth Financial in its Sale to China Oceanwide
October 24, 2016
Cleary Gottlieb is representing Goldman Sachs and Lazard as financial advisors to Genworth Financial, Inc., a Fortune 500 insurance holding company, in its all-cash sale to China Oceanwide, a privately held, family-owned international financial holding group.
The transaction, announced October 23, 2016, has an enterprise value of $2.7 billion and is expected to close in the second quarter of 2017, subject to Genworth shareholder approval, clearances by the relevant regulatory authorities and certain other closing conditions.
As part of the transaction, China Oceanwide has also committed to contribute to Genworth $600 million to address Genworth’s debt maturing in 2018 and $525 million to Genworth’s U.S. life insurance business.