Brookfield Business Partners (BBU, $36.25) to buy majority control in Genworth's (GNW, $4.36) MI Canada in a $2.1 billion deal

Brookfield Business Partners LP announce that  it has agreed to buy majority stake in mortgage insurer Genworth MI Canada in a $2.1 billion deal. 

As part of the deal, Brookfield Business Partners will acquire 48.9 million shares - representing 57% interest - in Genworth MI Canada from Genworth Financial, for $48.86 a share.

The deal is expected to close by the end of 2019, subject to approval under the Insurance Companies Act (Canada) and Competition Act (Canada).

Brookfield Business Partners also has promised to provide Genworth Financial, Inc., with up to USD$850 million in bridge financing, in the event that regulatory approvals for the transaction are not received by October 31, 2019.

Goldman Sachs & Co. LLC and Lazard Frères & Co. LLC are acting as financial advisors to Genworth.  Osler, Hoskin & Harcourt LLP and Sullivan & Cromwell LLP are acting as legal advisors to Genworth and Richards, Layton & Finger is acting as legal advisor to the Genworth Board of Directors.

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Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.