China Oceanwide Holdings Group Co. will acquire Genworth Financial Inc. for $2.7 billion in cash to extend aid to the US firm in managing, as persistent low interest rates and rising costs stumble down its business.

The Chinese investment firm will pay $5.43 per share, which is 4.2 percent over the Genworth’s closing price of $5.21 before the weekend, according to Wall Street Journal.

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It would also contribute $600 million to Genworth to deal with debt maturing in 2018 and $525 million to support the life insurance businesses. There will be an additional of $US1.1 billion capital for managing Genworth’s debt as well. 

“Genworth is an established leader in both mortgage insurance and long-term care insurance, which are markets that present significant long-term growth opportunities," said China Oceanwide Chairman Lu Zhiqiang in a statement. "We are providing crucial financial support to Genworth’s efforts to restructure its US life insurance businesses.” 

The deal comes as China Oceanwide has been spending hundreds of millions of dollars for American commercial and residential properties for the past two years.

The acquisition is subject to shareholder approval, other closing conditions, and receipt of required regulatory approvals. The transaction is expected to be completed by the middle of 2017, Reuters reported. 

According to China Oceanwide, it will keep Genworth’s portfolio of businesses that includes its Australian mortgage insurance arm. Following this move, Genworth will become a standalone subsidiary of China Oceanwide.

The Fortune 500 insurance company has been selling assets to guarantee that the company has adequate liquidity after it experienced losses on its long-term care coverage, which pays for home-health aides and nursing home stays, and as low interest rates crimp returns.

China Oceanwide operates across various industries, including financial services, energy, culture and media and real estate assets globally. The Beijing-based holding group founded by Chinese businessman Lu Zhiqiang employs over 10,000 employees worldwide.

Tagschina, China Oceanwide, mortgage, debt, life insurance, Genworth Financial, Genworth, Insurance