Why Genworth Financial Stock Soared Today

Shares of Genworth Financial (NYSE: GNW) have soared today, up by 15% as of 1:30 p.m. EDT, following a report that China Oceanwide is working to secure financing for its acquisition of the company. Genworth separately announced a proposed private offering of senior notes.

China Oceanwide chairman Zhiqiang Lu is in San Francisco attempting to finalize financing for its acquisition of the insurance company, according to Dealreporter. The transaction was first announced way back in October 2016 but has been delayed over a dozen times. The acquisition is currently facing a deadline of Aug. 31 for Oceanwide to confirm that it has $1 billion in financing available in China. Chinese private equity firm Hony Capital is still expected to play a role in helping to finance the deal.

Image source: Genworth Financial.

Source Fool.com