M&A Deal Summary

Brookfield Business Partners Acquires Genworth MI Canada

On October 22, 2019, Brookfield Business Partners acquired insurance company Genworth MI Canada from Genworth Financial

Acquisition Highlights
  • This is Brookfield Business Partners’ 1st transaction in the Insurance sector.
  • This is Brookfield Business Partners’ 1st transaction in Canada.
  • This is Brookfield Business Partners’ 1st transaction in Ontario.

M&A Deal Summary
Date 2019-10-22
Target Genworth MI Canada
Sector Insurance
Buyer(s) Brookfield Business Partners
Sellers(s) Genworth Financial
Deal Type Divestiture

Target

Genworth MI Canada

Oakville, Ontario, Canada
Genworth MI Canada, Inc. is a private residential mortgage insurer providing mortgage default insurance to residential mortgage homebuyers, lenders, brokers, and realtors. Genworth MI Canada was founded in 1995 and is headquartered in Oakville, Canada.

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Buyer(S) 1

Buyer

Brookfield Business Partners

Hamilton, Bermuda
Category Company
Sector Business Services
Employees67,315
Revenue 55.1B USD (2023)
DESCRIPTION

Brookfield Business Partners acquires high-quality businesses and applies its global investing and operational expertise to create value, with a focus on profitability, sustainable margins, and sustainable cash flows. Brookfield Business Partners has the flexibility to invest across multiple industries and through many forms. Brookfield Business Partners is based in Hamilton, Bermuda.

DEAL STATS #
Overall 2 of 8
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 2
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-07 North American Palladium

Toronto, Ontario, Canada

North American Palladium Inc. is a Canadian mining company producing at the Lac des Iles Mine northwest of Thunder Bay, Ontario. The mine features a unique ore body, modern infrastructure, advanced underground technologies and an exploration portfolio.

Sell $570M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-21 Nova Cold Logistics

Brampton, Ontario, Canada

Nova Cold Logistics is a cold storage platform provider. Nova Cold Logistics offers modern cold storage facilities, superior customer care and service, CFIA establishments and a long-term partnership approach that aims to maximize your success. Nova Cold Logistics is based in Brampton, Ontario.

Sell CA$337M

Seller(S) 1

SELLER

Genworth Financial

Richmond, Virginia, United States
Category Company
Founded 2003
Sector Insurance
Employees4,100
Revenue 8.5B USD (2015)
DESCRIPTION
Genworth's corporate headquarters in Richmond, Virginia.
Genworth's corporate headquarters in Richmond, Virginia.

Genworth Financial, Inc. is a provider of individual and group long-term care insurance products to meet growing consumer needs for long-term care. The Company's life insurance products protect people during unexpected events. In the United States, retirement products include various types of annuity and guaranteed retirement income products. Genworth also facilitates homeownership in the United States and internationally by providing mortgage insurance products that allow people to purchase homes with low down payments while protecting lenders against the risk of default. Through homeownership education and assistance programs, Genworth also helps people keep their homes when they experience financial difficulties.

DEAL STATS #
Overall 11 of 11
Sector (Insurance) 6 of 6
Type (Divestiture) 10 of 10
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-14 Genworth Life Insurance

Richmond, Virginia, United States

Genworth Life Insurance Co. is an insurance company formed by Genworth Financial, Inc.

Sell -
Mergr

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