TORONTO, April 1, 2021 /CNW/ - 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 $43.50 in cash per Common Share.
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
$7.5 billion total assets and
$3.9 billion shareholders' equity.
Find out more at www.sagen.ca.
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$600
billion of assets under management. More information is
available at www.brookfield.com.
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$1.6
billion. Immediately before closing of the Transaction,
Brookfield indirectly held
48,944,645 Common Shares, representing approximately 56.6% of the
issued and outstanding Common Shares. As a result of the closing of
the Transaction, and immediately prior to the Share Exchange,
Brookfield indirectly held
86,407,979 Common Shares representing 100% of the issued and
outstanding Common Shares. After giving effect to the Share
Exchange, Brookfield indirectly
holds 1,000,000 Class A Common Shares, representing 100% of the
issued and outstanding Class A Common Shares.
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 further information:
Investors – Aaron Williams,
905-287-5504 aaron.williams@sagen.ca
Media – Susan Carter,
905-287-5520 susan.carter@sagen.ca
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Sagen is a trademark owned by Sagen MI Canada Inc.
SOURCE Sagen MI Canada Inc.