Genworth Financial has concluded the sale of its 57% stake in Genworth MI Canada to Brookfield Business Partners for $1.8bn.

The agreement was initially announced in August this year.

As per the terms of the agreement, Brookfield acquired the majority stake in the Canadian mortgage insurance firm from Genworth Financial International Holdings (GFIH) and Genworth Mortgage Insurance Corporation (GMIC).

The divestiture of Genworth MI Canada is part of Genworth’s plan to move ahead of long pending acquisition by China Oceanwide.

Concurrently, Genworth concluded an internal reshuffle whereby Genworth contributed 100% of its ownership interest in GMHI to Genworth Holdings.

This resulted into Genworth Holdings owing the 100% of GMHI that holds 100% of the issued and outstanding voting securities of Genworth’s US mortgage insurance firms such as Genworth Mortgage Insurance Corporation.

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Brookfield Business Partners managing partner David Nowak said: “We are very pleased to make this investment in Genworth Canada, a high-quality leader in the mortgage insurance sector.

“Genworth is an industry-leading business that generates strong, consistent earnings and operates in a sector with high barriers to entry. We look forward to partnering with management to support its ongoing success, drawing on our expertise in insurance and residential real estate.”