Brookfield Business Partners acquires remaining shares of Sagen MI Canada

Torys acted as counsel to Brookfield Business Partners with a team that included Karrin Powys-Lybbe, Josh Lavine, Carly Klinkhoff and Jesse Leonard (corporate/M&A), Blair Keefe and Eli Monas (financial services regulatory), Jennifer Lennon and Brad Tartick (employment), Corrado Cardarelli, Richard Johnson and Benjamin Mann (tax).

On October 26, 2020, Brookfield Business Partners L.P. ("Brookfield Business Partners"), together with certain of its affiliates and institutional partners (collectively, "Brookfield"), announced it entered into an arrangement agreement to acquire all of the outstanding common shares of Genworth MI Canada Inc. (now Sagen MI Canada Inc., "Sagen"), not already owned by Brookfield.

Under the terms of the arrangement agreement, Brookfield, which owned an approximate 57% controlling interest in Sagen, agreed to purchase all of the remaining outstanding common shares at a price of C$43.50 per share. The transaction was implemented by way of and subject to a court-approved plan of arrangement under the Canada Business Corporations Act.

Closing of the transaction was announced on April 1, 2021 and Sagen’s common shares were expected to be de-listed from the Toronto Stock Exchange (the “TSX”) at the close of business on April 6, 2021. Sagen’s outstanding Class A Preferred Shares, Series 1 will remain listed on the TSX, and Sagen will remain a reporting issuer in each of the provinces and territories of Canada.

Further information can be found on Canada Newswire's website.

Sagen, operating through its wholly owned subsidiary, Genworth Financial Mortgage Insurance Company Canada (doing business as Sagen^™), is the largest private sector residential mortgage insurer in Canada. It provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers.

Brookfield Business Partners is a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs.