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Genworth shares jump after announcing MI Canada stake sale
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Genworth Financial Inc. shares climbed more than 14% in midmorning trading Aug. 13 after the company disclosed plans to sell a controlling stake in Genworth MI Canada Inc. to Brookfield Business Partners LP.
Genworth Financial hopes the MI Canada deal, valued at about C$2.4 billion, will increase the likelihood of subsequently completing its own sale to China Oceanwide Holdings Group Co. Ltd. and its affiliates.
The stock was up 14.41% at $4.40 as of 10:40 a.m. ET on heavier-than-usual volume.