Brookfield Business Partners completes acquisition of Genworth Canada
Genworth Financial announced the closing of the sale of its majority stake in Genworth MI Canada Inc. (Genworth Canada) to Brookfield Business Partners.
As previously disclosed, the purchase price was CAD$48.86 per share, reflecting a total transaction value of approximately CAD$2.4 billion. The purchase price was subject to certain adjustments, including Genworth Canada’s payment of a special dividend in October 2019 to Genworth. The net cash proceeds, including the aggregate amount of the special dividend paid in October 2019 and adjustments for foreign exchange, fees and expenses, were approximately USD$1.8 billion.
In connection with but prior to the closing, Genworth completed an internal reorganization whereby Genworth contributed 100% of its ownership interest in Genworth Mortgage Holdings, Inc. (GMHI) to Genworth Holdings, Inc. (Genworth Holdings). As a result of this contribution, Genworth Holdings now owns 100% of GMHI, which owns 100% of the issued and outstanding voting securities of Genworth’s U.S. mortgage insurance companies, including Genworth Mortgage Insurance Corporation.