China Oceanwide's acquisition of Genworth confirmed by US

The US Committee on Foreign Investment has approved the acquisition of American insurance company Genworth by China Oceanwide Holdings Group Co., reports thepaper.cn.

Insurer Genworth Financial Inc. [Photo: hexun.com]

The deal is worth $2.7 billion.

The approval is the largest publicly reported Chinese deal confirmed by US authorities so far in the Trump administration.

The review is also one of the longest on record, with the announcement of the acquisition confirmed in October 2016.

Genworth is now set to become a subsidiary of China Oceanwide Holdings Group Co.