Genworth Mortgage Insurance Australia Limited
(ASX:GMA) has announced its parent company Genworth Financial has agreed to be acquired by China Oceanwide Holdings for US$2.7 billion.
The deal will see shareholders offered US$4.43 per share in cash.
The takeover is subject to shareholder approval, other closing conditions and receipt of required regulatory approvals.
On completion of the transaction Genworth Financial will be a standalone subsidiary of China Oceanwide, with Genworth Australia of the understanding it will remain within the existing portfolio of businesses.
Genworth Mortgage Insurance Australia Limited posted a net profit of $135.8 million at 30 June 2016.
