Sagen MI Canada and Brookfield Business Partners have announced that their transaction – wherein the former would sell all of its outstanding common shares not yet owned by the latter – has closed.
The transaction closed at a price of $43.50 in cash per common share, a release said. The common shares are also expected to be delisted from the Toronto Stock Exchange at the close of business on April 06, 2021.
Sagen MI Canada’s outstanding Class A Preferred Shares, Series 1 will remain listed on the exchange, and the company will remain a reporting issuer in each of the provinces and territories of Canada.
Prior to the transaction, Brookfield already owned 57% of the mortgage insurer. In a previous statement, the firm said that it would fund about $460 million of the approximately $1.6 billion purchase price – with the remaining sum covered by institutional partners.
Genworth MI Canada formally changed its name to Sagen MI Canada in February this year. The name change came after it amended its articles in accordance with the Canada Business Corporations Act.
