Sagen MI Canada Inc. and Brookfield Business Partners L.P. Announce Closing of Arrangement Transaction
Brookfield Business Partners L.P. (NYSE: BBU) has successfully completed its acquisition of Sagen MI Canada Inc. (TSX: MIC) by purchasing all outstanding common shares not previously owned by Brookfield at a cash price of C$43.50 per share, totaling approximately C$1.6 billion. The common shares will be delisted from the Toronto Stock Exchange on April 6, 2021. Post-acquisition, Brookfield holds 100% of the Class A Common Shares, which will not be listed on the TSX.
- Brookfield acquired Sagen MI Canada for C$1.6 billion, enhancing its portfolio.
- Acquisition price of C$43.50 per share reflects a premium for investors.
- Common Shares are being delisted from the TSX.
BROOKFIELD, NEWS, April 01, 2021 (GLOBE NEWSWIRE) -- Sagen MI Canada Inc. (formerly Genworth MI Canada Inc.) (the “Company”) (TSX: MIC) and Brookfield Business Partners L.P. (NSYE: BBU) (TSX: BBU.UN) (“BBU”) are pleased to announce the completion of the previously announced plan of arrangement (the “Transaction”) pursuant to which BBU, together with certain of its affiliates and institutional partners (collectively, “Brookfield”), purchased all of the outstanding common shares of the Company (the “Common Shares”) that were not already owned by Brookfield at a price of C
The Common Shares are expected to be de-listed from the Toronto Stock Exchange (the “TSX”) at the close of business on April 6, 2021. The Company’s outstanding Class A Preferred Shares, Series 1 will remain listed on the TSX, and the Company will remain a reporting issuer in each of the provinces and territories of Canada.
In connection with the closing of the Transaction, all of the Common Shares were exchanged in a reorganization transaction pursuant to which 1,000,000 Class A Common Shares were issued to Brookfield (the “Share Exchange”), resulting in no Common Shares outstanding and Brookfield holding all of the Class A Common Shares. The Class A Common Shares will not be listed on the TSX.
About Sagen MI Canada Inc.
Sagen MI Canada Inc. (TSX: MIC), operating through its wholly owned subsidiary, Genworth Financial Mortgage Insurance Company Canada (doing business as SagenTM), is the largest private sector residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. The Company differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, the Company has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31, 2020, the Company had C
The Company’s head office is located at 2060 Winston Park Drive, Suite 300, Oakville, Ontario, L6H 5R7.
About Brookfield Business Partners L.P.
Brookfield Business Partners L.P. (NSYE: BBU) (TSX: BBU.UN) 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 Inc. (NYSE: BAM) (TSX: BAM.A), a leading global alternative asset manager with approximately US
Brookfield Business Partners L.P. 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.
Required Early Warning Reporting
The Common Shares acquired by Brookfield pursuant to the Transaction were purchased by a wholly-owned subsidiary of Falcon Holding LP, an affiliate of Brookfield Business Partners L.P, for aggregate consideration of approximately C
An amended early warning report will be filed by Brookfield with applicable Canadian securities regulatory authorities. To obtain copies of the early warning report, please contact Alan Fleming, Brookfield Business Partners, 416-645-2736.
The head office of Brookfield is located at Brookfield Place, 181 Bay Street, Suite 300, Toronto, Ontario, M5J 2T3.
Caution regarding forward-looking information and statements
Certain statements made in this news release contain forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company are intended to identify forward-looking statements. Specific forward-looking statements in this document include, but are not limited to, statements with respect to the de-listing of the Common Shares on the TSX.
Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.
For more information, please contact:
| Media: Claire Holland Tel: (416) 369-8236 Email: claire.holland@brookfield.com | Investors: Alan Fleming Tel: (416) 645-2736 Email: alan.fleming@brookfield.com |
FAQ
What is the acquisition price of Sagen MI Canada by Brookfield (BBU)?
When will Sagen MI Canada shares be delisted from the TSX?
How many shares does Brookfield own after acquiring Sagen MI Canada?
What was the approximate total consideration for the acquisition of Sagen MI Canada?
