Under the deal, Brookfield has agreed acquire 48.9 million shares, or a roughly 57 per cent interest, in the business from the Virginia- based parent company Genworth Financial Inc. at a price of $48.86 per share.
"We look forward to partnering with management to support its ongoing success, drawing on our expertise in insurance and residential real estate." "We are pleased to find such a high-calibre buyer for our interest in Genworth Canada," Tom McInerney, president and CEO of Genworth Financial, said in a statement.