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Deal snapshot: BROOKFIELD BUSINESS PARTNERS TO ACQUIRE 57% STAKE OF GENWORTH CANADA.

MANews-(C)2009-2019

New York, US-based Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN) has agreed to acquire a 57% controlling interest in Genworth MI Canada, Inc. from Genworth Financial, Inc. (NYSES: GNW) for approximately CDN 2.4bn (USD 1.8bn), the company said.

Brookfield will acquire an aggregate of 48,944,645 common shares of Genworth MI Canada for CDN 48.86 per share. Brookfield intends to fund approximately USD 700m of the purchase on closing and for certain of its institutional partners to co-invest alongside it for the balance.

Country: Canada

Sector: Banking/Financial Services

Target: Genworth MI Canada/57% stake

Buyer: Brookfield Business Partners

Vendor: Genworth Financial

Deal size in USD: 1.8bn

Type: LBO

Financing: Cash

Status: Agreed

Buyer advisor: BFIN Securities , BMO Capital Markets , CIBC Capital Markets , RBC Capital Markets , Scotiabank , Torys LLP

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Publication:M & A Navigator
Date:Aug 20, 2019
Words:141
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