Brookfield to acquire control of Genworth Canada for $2.4 bln
The private equity group of Brookfield Asset Management has agreed to acquire a 57 percent controlling interest in Genworth MI Canada Inc (TSX: MIC), an Oakville, Ontario-based private residential mortgage insurer. The deal, which reflects a purchase price of about $2.4 billion, is expected to close in the second half of 2019. The seller is Genworth Financial Inc (NYSE: GNW), a Richmond, Virginia-based insurance holding company. Genworth Canada, through its subsidiary Genworth Financial Mortgage Insurance Co Canada, provides mortgage default insurance to Canadian residential mortgage lenders. Last month, Genworth Financial said it was considering strategic alternatives for Genworth Canada.
13 August 2019•5 mins read
