Canadian Regulators Approve Sale of Genworth’s Stake in Genworth MI Canada Inc. to Brookfield Business Partners
December 09 2019 - 4:58PM
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). 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 Brookfield Business
PartnersBrookfield 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.
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.
Cautionary Note Regarding
Forward-Looking StatementsThis 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.
Brookfield Business
Partners Investors: Alan Fleming Tel: +1 416 645 2736
Email: alan.fleming@brookfield.com Media: Claire Holland Tel: +1
416 369 8236 Email: claire.holland@brookfield.com |
Genworth Financial
Inc. Investors: investorinfo@genworth.com Media:
Julie Westermann Tel: +1 804 662 2423 Email:
julie.westermann@genworth.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ee32674-f50a-4a75-ad2d-a658ca4ed7c1
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