Oceanwide already owns a securities brokerage and a P&C insurer, so one supposed this makes sense in terms of “fit.”
The deal still needs Delaware regulators’ seal-of-approval.
I reached out to Randy G, one of my favorite LCi gurus to see what he thought of this development, and he replied that it was “kind of a surprise for sure. It’s almost like AT&T buying Time Warner for $86Billion….another surprise this morning! Don’t know much about this merger other than it provides Genworth with about $1.0 Billion dollars immediately.”
Which may be badly needed; back in February, we reported that the company seemed to be in some serious financial straits.
So, wait-and-see, for now.