TORONTO, March 25, 2021 /CNW/ - Sagen MI Canada Inc. (TSX: MIC) (the "Company") is pleased to announce that the federal Minister of Finance has approved the previously announced acquisition (the "Transaction") by Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN), together with certain of its affiliates and institutional partners (collectively, "Brookfield"), of all of the outstanding common shares of the Company (the "Common Shares") that are not already owned by Brookfield at a price of $43.50 in cash per Common Share. The Transaction was approved by the Company's shareholders at a special meeting held on December 22, 2020, and the Transaction received approval from the Ontario Superior Court of Justice (Commercial List) on January 5, 2021. No further regulatory or shareholder approvals are required in connection with the Transaction.
The Transaction is expected to be completed on or about April 1, 2021, subject to the satisfaction or waiver of the remaining conditions of closing. Following closing of the Transaction, the Common Shares are expected to be de-listed from the Toronto Stock Exchange.
About Sagen MI Canada Inc.
Sagen MI Canada Inc. (TSX: MIC), operating through its wholly-owned subsidiary, Genworth Financial Mortgage Insurance Company Canada (doing business as SagenTM), is the largest private sector residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. The Company differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, the Company has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31, 2020, the Company had $7.5 billion total assets and $3.9 billion shareholders' equity. Find out more at www.sagen.ca.
Caution regarding forward-looking information and statements
Certain statements made in this news release contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company are intended to identify forward-looking statements. Specific forward-looking statements in this document include, but are not limited to, statements with respect to the anticipated timing for closing the Transaction and the de-listing of the Common Shares on the Toronto Stock Exchange.
Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.
Sagen is a trademark owned by Sagen MI Canada Inc.
SOURCE Sagen MI Canada Inc.