Genworth Finds Buyer for Canadian Mortgage Insurance Unit
August 14, 2019 by Allison Bell
A big asset manager has agreed to pay about $1.8 billion for Genworth Financial Inc.’s 56.9% stake in the Genworth MI Canada Inc. mortgage insurance business, Genworth announced today.
The would-be buyer, Brookfield Business Partners L.P., hopes to close on the deal by Dec. 31, Genworth said.
If Brookfield and Genworth fail to get the regulatory approvals they need to complete the deal by Oct. 31, then Brookfield will provide $850 million in “bridge financing,” or temporary financing, Genworth said.
The deal is subject to approval by Canada’s minister of finance.
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