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Genworth to sell MI Canada stake as China Oceanwide deal extended again

Brookfield Business Partners LP agreed to acquire 48,944,645 common shares of Genworth MI Canada Inc. from Genworth Financial Inc. for approximately C$2.4 billion, or C$48.86 per share.

The shares being acquired represent an approximate 57% controlling interest in the business. Closing of the transaction is subject to customary approvals, including the approval of the Canadian finance minister, and is expected to occur in the second half.

Genworth Financial and China Oceanwide Holdings Group Co. Ltd. extended the deadline for their transaction to close to Dec. 31 from Nov. 30.

More details to follow.