Brookfield Business Partners to acquire remaining shares of Genworth MI Canada Inc.

October 26, 2020

Torys represented 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 Tom Stevenson (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 operating as Sagen MI Canada™ ("Sagen"), not already owned by Brookfield.

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

Closing, which is expected in the first half of 2021, is subject to shareholder approval at a special meeting of Sagen expected to be held in late December 2020, as well as court approval, approval by the federal Minister of Finance, and satisfaction of other customary closing conditions.

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

Genworth MI Canada Inc. changed its brand from Genworth MI Canada™ to Sagen MI Canada™ effective October 13th, 2020. Sagen, operating through its subsidiary, Genworth Financial Mortgage Insurance Company Canada, is the largest private sector residential mortgage insurer in Canada.

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.