Brookfield Unit Drops $1.8B For Stake In Genworth Canada Biz

Law360 (August 13, 2019, 10:39 AM EDT) -- Brookfield Asset Management’s business services and industrials unit, steered by Torys LLP, said Tuesday it agreed to buy a controlling stake in residential mortgage insurer Genworth MI Canada for roughly CA$2.4 billion ($1.8 billion).

Brookfield Business Partners will buy the 48,944,645 common shares that amount to a nearly 57% controlling stake in Genworth MI Canada Inc. from Genworth Financial, which is represented by Osler Hoskin & Harcourt LLP and Sullivan & Cromwell LLP, for CA$48.86 apiece, according to the company’s statement.

According to Genworth Financial’s statement, those shares are owned by indirect Genworth Financial subsidiaries Genworth Financial International Holdings LLC and...

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