Announced
Financials
Tags
Acquisition
Canada
Mortgage REITs: Residential
Private
Single Bidder
Mortgage REITs: Commercial
private residential mortgage insurer
Pending
Private Equity
Majority
Friendly
Synopsis
Brookfield, which operates as a business service and industrial company, agreed to acquire 57% a stake in Genworth Canada from Genworth for $1.81bn. Genworth Canada, through its subsidiary Genworth Financial Mortgage Insurance Company Canada, is the largest private sector residential mortgage insurer in Canada, providing mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. “Genworth is an industry-leading business that generates strong, consistent earnings and operates in a sector with high barriers to entry. We look forward to partnering with management to support its ongoing success, drawing on our expertise in insurance and residential real estate.” David Nowak, Managing Partner, Brookfield Business Partners.
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