RICHMOND, Va., Dec. 12, 2019 /PRNewswire/ -- Genworth
Financial, Inc. (NYSE: GNW) today announced the closing of the sale
of its majority stake in Genworth MI Canada Inc. (Genworth Canada)
to Brookfield Business Partners (NYSE: BBU) (TSX: BBU.UN).
As previously disclosed, the purchase price was CAD$48.86 per share, reflecting a total
transaction value of approximately CAD$2.4
billion. The purchase price was subject to certain
adjustments, including Genworth Canada's payment of a special
dividend in October 2019 to Genworth.
The net cash proceeds, including the aggregate amount of the
special dividend paid in October 2019
and adjustments for foreign exchange, fees and expenses, were
approximately USD$1.8 billion.
In connection with but prior to the closing, Genworth completed
an internal reorganization whereby Genworth contributed 100% of its
ownership interest in Genworth Mortgage Holdings, Inc. (GMHI) to
Genworth Holdings, Inc. (Genworth Holdings). As a result of
this contribution, Genworth Holdings now owns 100% of GMHI, which
owns 100% of the issued and outstanding voting securities of
Genworth's U.S. mortgage insurance companies, including Genworth
Mortgage Insurance Corporation.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance
holding company committed to helping families achieve the dream of
homeownership and address the financial challenges of aging through
its leadership positions in mortgage insurance and long term care
insurance. Headquartered in Richmond, Virginia, Genworth traces its roots
back to 1871 and became a public company in 2004. For more
information, visit genworth.com.
From time to time, Genworth releases important information via
postings on its corporate website. Accordingly, investors and other
interested parties are encouraged to enroll to receive automatic
email alerts and Really Simple Syndication (RSS) feeds regarding
new postings. Enrollment information is found under the "Investors"
section of genworth.com. From time to time, Genworth's
publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth
Mortgage Insurance Australia Limited, separately release financial
and other information about their operations. This information can
be found at http://genworth.ca and
SOURCE Genworth Financial, Inc.