Brookfield Business Partners acquires control of Genworth Canada

December 12, 2019

Torys represented Brookfield Business Partners with a team that included Karrin Powys-Lybbe, Steven Rotchtin, Jacob Posen and Brody Appotive (corporate/M&A), Jill McCutcheon, Eli Monas and Hailey Schnier (regulatory), Omar Wakil and Ian Li (competition), Adam Delean, Jonathan Wiener and Jacob Weinstock (financing), Ed Fan and Yu Seon Gadsden-Chung (IP), Susan Nickerson and Tom Stevenson (employee benefits) and Corrado Cardarelli (tax).

On August 13, 2019, Brookfield Business Partners L.P. (“Brookfield Business Partners”) announced it entered an agreement to acquire an aggregate of 48,944,645 common shares of Genworth MI Canada Inc. (“Genworth Canada”), representing an approximate 57% controlling interest in the business, from Genworth Financial, Inc. for approximately C$2.4 billion, or C$48.86 per share.

Following approval from Canadian regulators on December 9, 2019, closing of the transaction took place December 12, 2019.

Brookfield Business Partners funded approximately US$700 million of the purchase price on closing through existing liquidity and the balance through co-investments with certain of its institutional partners.

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. It is the flagship listed business services and industrials company of Brookfield Asset Management Inc.

Genworth Canada, through its subsidiary Genworth Financial Mortgage Insurance Company Canada, is the largest private sector residential mortgage insurer in Canada, providing mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers.

Further information can be found on Globe Newswire’s website and