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MarketScreener Homepage  >  Equities  >  Nyse  >  Brookfield Business Partners L.P.    BBU   BMG162341090

BROOKFIELD BUSINESS PARTNERS L.P.

(BBU)
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Brookfield Business Partners L P : Canada's Brookfield Business Partners to buy rest of insurer Genworth for $1.2 billion

10/26/2020 | 07:36am EST

(Reuters) - Genworth MI Canada said on Monday real estate service provider Brookfield Business Partners will buy the remaining 43% stake it does not hold in the mortgage insurer for about C$1.6 billion ($1.21 billion).

Brookfield, which owns about 57% of the firm that now operates as Sagen MI Canada, will offer about C$43.50 for each share in Genworth, representing a premium of about 22% to the stock's last closing price.

About $460 million of the purchase price will be funded by Brookfield and the remaining by its institutional partners, Brookfield said.

The deal comes at a time when mortgage insurers are beefing up their reserves to face rising defaults and looming potential foreclosures as borrowers take advantage of forbearance programs put in place by governments because of the COVID-19 crisis.

The industry, which cover losses when homeowners default and foreclosures fail to recoup costs, had started tightening rules to offer mortgage insurance earlier in the year, after forecasting declines in home prices.

Genworth MI Canada, which runs the largest Canadian private residential mortgage insurer, however, said in July it has no plans to change its underwriting policy for debt service ratio limits, minimum credit score and downpayment requirements.

(Reporting by Ambar Warrick and Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD BUSINESS PARTNERS L.P. -1.47% 37.47 Delayed Quote.1.33%
GENWORTH MI CANADA INC. 0.28% 43.66 Delayed Quote.0.30%
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Financials (USD)
Sales 2020 38 779 M - -
Net income 2020 217 M - -
Net Debt 2020 13 930 M - -
P/E ratio 2020 -
Yield 2020 0,66%
Capitalization 5 690 M 5 690 M -
EV / Sales 2020 0,51x
EV / Sales 2021 0,41x
Nbr of Employees 67 030
Free-Float 98,3%
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Technical analysis trends BROOKFIELD BUSINESS PARTNERS L.P.
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 43,17 $
Last Close Price 38,03 $
Spread / Highest target 31,5%
Spread / Average Target 13,5%
Spread / Lowest Target -0,08%
EPS Revisions
Managers and Directors
NameTitle
Cyrus Madon Chief Executive Officer
Jeffrey Miles Blidner Chairman
J. Peter Gordon Chief Operating Officer
Jaspreet Dehl Chief Financial Officer
Peter Poolsaar Chief Information Officer
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