Sat. Nov 28th, 2020

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Brookfield buys remainder of mortgage insurer Genworth

Brookfield Enterprise Companions LP has signed a deal to purchase the remaining curiosity in Genworth MI Canada Inc. that it doesn’t already personal in a proposal that values the corporate at about $3.eight billion.

Brookfield owns a 57 per cent stake within the residential mortgage insurance coverage firm.

Below the phrases of the settlement, Brookfield pays $43.50 per share for the shares it doesn’t maintain

Genworth shares closed at $35.58 on the Toronto Inventory Alternate on Friday.

The deal requires approval by a two-thirds majority vote by shareholders, in addition to the approval by a easy majority of votes forged by minority shareholders, which excludes Brookfield.

Genworth MI Canada rebranded earlier this month and has been working beneath the Sagen MI Canada banner.

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