Canadian regulators have approved Genworth Financial Inc.'s pending sale of a majority stake in Genworth MI Canada Inc. to Brookfield Business Partners LP.

Genworth Financial said in October that Canadian regulators raised data protection concerns related to the deal but that it and Brookfield gave assurance that customers' information will be appropriately protected.

The transaction is expected to close Dec. 12, as all regulatory approvals for the completion of the deal have been obtained.