Fannie Mae and Freddie Mac have approved China Oceanwide Holdings Group Co.’s acquisition of Genworth Mortgage Insurance Corp. Also, the Delaware Department of Insurance gave the greenlight for Oceanwide to purchase Genworth Life Insurance Co.

Genworth Life Insurance Co. is the insurance subsidiary of Genworth Financial Inc., a Delaware-based corporation. The regulatory approvals are conditional on terms that were not disclosed because of confidentiality agreement, though Genworth and Oceanwide expect to be able to meet the conditions.

The merger agreement was agreed to on Oct. 21, 2016. Regulators in Australia and New Zealand have approved the transaction as well.

"We would like to thank the Delaware Department of Insurance, Fannie Mae, Freddie Mac and regulators in Australia and New Zealand for their diligence in reviewing our transaction," said Tom McInerney, president and CEO of Genworth. "We look forward to continuing to work with them following completion of the proposed acquisition."

Completing this transaction requires the receipt of regulatory approvals in the U.S., China and other international jurisdictions and other closing conditions. As disclosed on Nov. 30, 2018, Genworth and Oceanwide entered into an updated waiver and agreement to extend the termination date to Jan. 31, 2019, recognizing that securing all required regulatory approvals will likely extend into early 2019.