Brookfield buys rest of mortgage insurer Genworth
Money manager already owned 57 per cent of CMHC rival valued at $3.8 billion
Brookfield Business Partners LP has signed a deal to buy the remaining interest in Genworth MI Canada Inc. that it does not already own in an offer that values the company at about $3.8 billion.
Brookfield owns a 57 per cent stake in the residential mortgage insurance company.
Under the terms of the agreement, Brookfield will pay $43.50 per share for the shares it does not hold
Genworth shares closed at $35.58 on the Toronto Stock Exchange on Friday.
The deal requires approval by a two-thirds majority vote by shareholders, as well as the approval by a simple majority of votes cast by minority shareholders, which excludes Brookfield.
Genworth MI Canada rebranded earlier this month and has been operating under the Sagen MI Canada banner.