RICHMOND, Va., Dec. 9, 2019 /PRNewswire/ -- Genworth
Financial, Inc. (NYSE: GNW) and Brookfield Business Partners (NYSE:
BBU) (TSX: BBU.UN) today announced that Brookfield Business
Partners together with its institutional partners has received
approval under the Insurance Companies Act (Canada) to purchase Genworth's majority
interest in Genworth MI Canada Inc. (Genworth Canada). With
the receipt of this approval, all regulatory approvals required for
the completion of this transaction have now been
obtained. The parties expect to complete the Genworth
Canada transaction on December 12,
2019.
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
http://www.genworth.com.au.
About Brookfield Business 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. Brookfield Business
Partners is the flagship listed business services and industrials
company of Brookfield Asset Management, a leading global
alternative asset manager with more than US$500 billion of assets under management. More
information is available at www.brookfield.com.
Brookfield Business Partners is listed on the New York and Toronto stock exchanges. Important information
may be disseminated exclusively via the website; investors should
go to https://bbu.brookfield.com to access this information.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain statements that may
constitute "forward-looking statements" within the meaning of the
federal securities laws, including Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements may be identified by words such as "expects," "intends,"
"anticipates," "plans," "believes," "seeks," "estimates," "will" or
words of similar meaning and include, but are not limited to,
statements regarding the closing of the transaction.
Forward-looking statements are based on management's current
expectations and assumptions, which are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. Actual outcomes and results may differ
materially from those in the forward-looking statements and factors
that may cause such a difference include, but are not limited to,
risks and uncertainties related to: (i) the risk that the sale
of Genworth Canada may not be completed in a timely manner or at
all, which may adversely affect Genworth's business and the price
of Genworth's common stock; (ii) the risk that a condition to
closing of the sale of Genworth Canada may not be satisfied;
(iii) continued availability of capital and financing to
Genworth before the consummation of the sale of Genworth Canada;
and (iv) other risks and uncertainties described in the Definitive
Proxy Statement, filed with the SEC on January 25, 2017, and
Genworth's Annual Report on Form 10-K, filed with the SEC
on February 27, 2019. Unlisted factors may present significant
additional obstacles to the realization of forward-looking
statements. Actual results may vary materially from those contained
in the forward-looking statements. Accordingly, forward-looking
statements should not be relied upon as representing Genworth's
views as of any subsequent date, and Genworth does not undertake
any obligation to update forward-looking statements to reflect
events or circumstances after the date they were made, whether as a
result of new information, future events or otherwise, except as
may be required under applicable securities laws.
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SOURCE Genworth Financial, Inc.