Covington Secures CFIUS Approval for Genworth Financial Transaction

WASHINGTON—On June 9, 2018, Genworth Financial, Inc. ("Genworth") announced that the Committee on Foreign Investment in the United States ("CFIUS") had cleared its $2.7 billion acquisition by China Oceanwide. Covington represented Genworth in securing CFIUS approval, which is the largest China-related transaction approved in the Trump Administration.

Reuters called the approval a "rare win," and the approval also received coverage in The Wall Street Journal and Bloomberg, among other outlets.

David Fagan, Mark Plotkin, and Jonathan Wakely led the Covington team.

Covington has a preeminent practice on cross-border investments, including those requiring CFIUS approval. The firm often is called upon for complex CFIUS reviews, including those involving high-stakes commercial investments and those that present myriad other issues ranging from cutting-edge technology transfers to defense and homeland security contracting and novel compliance matters.