Genworth Financial Inc has terminated a $2.7 billion buyout agreement with investment firm China Oceanwide Holdings Group Co, the U.S. insurer said on Tuesday.
Originally proposed in October 2016, the merger was stalled for years over concerns about Chinese access to sensitive data of U.S. citizens.
Genworth said its revised plans include a potential partial IPO of its U.S. mortgage insurance business.
The insurer said it will continue to explore partnerships with China Oceanwide to bring long-term care insurance products to the Chinese market.
