RTTNews | Jan 4, 2021 07:56AM EST

07:56 Monday, January 4, 2021 (RTTNews.com) - Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd. issued an update on the pending transaction. The companies have not extended the current December 31, 2020 end date under the merger agreement. Oceanwide will continue to work towards closing the deal, and Genworth said it remains open to completing the transaction if Oceanwide completes the remaining steps.

Genworth Financial noted that it is focusing on executing its contingency plan, including a potential partial IPO of the company's U.S. Mortgage Insurance business, designed to meet its near-term liabilities of approximately $1.0 billion of debt due in 2021.

James Riepe, non-executive chairman of the Genworth Board, said: "When we considered our most recent extensions of the merger agreement, Genworth's Board believed we were on a path to a near-term closing based on the information we were provided. Given the most recent update, we do not believe a closing can occur in the near term. Thus, the management team will fully focus its efforts on executing our contingency plan."

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