December 9, 2019 / 10:44 PM / 6 months ago

Genworth gets approval to sell Canadian unit stake to Brookfield

Dec 9 (Reuters) - Canadian regulators have approved the sale of Genworth Financial Inc’s majority stake in its Canadian unit to asset manager Brookfield Business Partners , the companies said on Monday.

Genworth said in October that regulators were scrutinizing the sale of its 57% stake in Genworth MI Canada Inc for about C$2.4 billion ($1.81 billion).

The deal agreed to in August was aimed at completing the U.S. insurer’s long-delayed sale to China Oceanwide Holdings Group Co Ltd.

The stake sale is expected to be completed on Dec. 12, the companies said on Monday.

$1 = 1.3301 Canadian dollars Reporting by Arundhati Sarkar in Bengaluru; Editing by Sriraj Kalluvila

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