Canadian Regulators Approve Genworth Sale of Stake to Brookfield

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)