Genworth Completes Sale of Stake in Canadian Unit

December 13, 2019 by Allison Bell

Genworth Financial Inc. may have now cleared the last major barrier it controls to getting itself hitched to China Oceanwide Holdings Group Co. Ltd.

The Richmond, Virginia-based insurer announced today that it has closed on the sale of a majority stake in Genworth MI Canada Inc., a large mortgage insurance business, to Brookfield Business Partners of Toronto.

Genworth will emerge from that deal with about $1.8 billion in cash, Genworth said.
Genworth has also appears to have eliminated the need to get approval for the China Oceanwide deal from regulators in Canada.

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Originally Posted at ThinkAdvisor on December 12, 2019 by Allison Bell.