Brookfield Business Partners to Acquire Genworth’s Stake in Genworth MI Canada Inc.; Genworth and Oceanwide Agree to Extend Merger Agreement
2019 AUG 22 (NewsRx) -- By a
Pursuant to the share purchase agreement,
GFIH currently holds 34,799,545 common shares, representing approximately 40.5% of Genworth Canada’s outstanding common shares, and GMIC currently holds 14,145,100 common shares, representing approximately 16.4% of Genworth Canada’s outstanding common shares. Upon closing of the Transaction,
The purchase price is
The sale is targeted to close by the end of 2019 and is subject to other customary conditions, including approval under the Insurance Companies Act (
As previously disclosed,
Once all other regulatory processes are complete, the Oceanwide Transaction will still require clearance in
“We are pleased to find such a high-caliber buyer for our interest in Genworth Canada,” said
Added LU Zhiqiang, chairman of Oceanwide: “We are pleased with the quality of the buyer as well as the purchase price they have offered. We share Genworth’s commitment to bringing this process to a successful conclusion and closing the transaction as soon as possible.”
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