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GNW

Genworth

$3.85

-0.07 (-1.79%)

, BBU

Brookfield Business Partners

$35.31

-0.75 (-2.08%)

06:40
08/13/19
08/13
06:40
08/13/19
06:40

Brookfield Business Partners buys Genworth Canada interest for C$48.86 per share

Genworth (GNW) and Brookfield Business Partners (BBU) announced an agreement for Brookfield Business Partners to purchase Genworth's majority interest in Genworth MI Canada. Genworth Canada is the largest private sector residential mortgage insurer in Canada. Pursuant to the share purchase agreement, Genworth Financial, or GFIH, and Genworth Mortgage, or GMIC, each wholly owned indirect subsidiaries of Genworth, will sell all of the common shares in Genworth Canada owned by them to Brookfield Business Partners. Genworth's shares represent approximately 56.9% of Genworth Canada's issued and outstanding common shares. GFIH currently holds 34,799,545 common shares, representing approximately 40.5% of Genworth Canada's outstanding common shares, and GMIC currently holds 14,145,100 common shares, representing approximately 16.4% of Genworth Canada's outstanding common shares. Upon closing of the transaction, Genworth will no longer have beneficial ownership, control or direction over the purchased shares. The purchase price is C$48.86 per share, reflecting a total transaction value of approximately C$2.4B. The purchase price is subject to certain adjustments, including for Genworth Canada's payment of special dividends prior to the closing of the transaction. Net cash proceeds from the transaction after adjusting for foreign exchange, fees and expenses are estimated to be approximately $1.8B. The sale is targeted to close by the end of 2019 and is subject to other customary conditions, including approval under Canada's Insurance Companies Act and Competition Act. Brookfield Business Partners also has agreed to provide Genworth Financial with up to $850M in bridge financing in the event regulatory approvals for the transaction are not received by October 31. As previously disclosed, Genworth is selling its stake in Genworth Canada to increase the likelihood of subsequently completing the acquisition of Genworth by China Oceanwide and its affiliates. Oceanwide has consented to the transaction. In connection with Oceanwide's consent to the transaction, Genworth and Oceanwide entered into the 12th Waiver and Agreement extending the merger agreement deadline to not later than December 31. Once all other regulatory processes are complete, the Oceanwide Transaction will still require clearance in China for currency conversion. Genworth also believes that the sale of its stake in Genworth Canada would allow it to increase its financial flexibility, whether or not the Oceanwide transaction is consummated. If the transaction is not consummated, Genworth may decide to retain the purchased shares for investment purposes or to explore alternatives with respect to the purchased shares, which may include decreasing its beneficial ownership, control and direction over common shares of Genworth Canada through market transactions, private agreements or otherwise.

GNW

Genworth

$3.85

-0.07 (-1.79%)

BBU

Brookfield Business Partners

$35.31

-0.75 (-2.08%)

GNW Genworth
$3.85

-0.07 (-1.79%)

BBU Brookfield Business Partners
$35.31

-0.75 (-2.08%)

01/15/19
RBCM
01/15/19
DOWNGRADE
Target $42
RBCM
Sector Perform
Brookfield Business Partners cut to Sector Perform at RBC Capital on valuation
As reported earlier, RBC Capital analyst Jeoffrey Kwan downgraded Brookfield Business Partners to Sector Perform from Outperform and lowered his price target to $42 from $46. The analyst says that while the stock is an "attractive" investment over the longer term horizon, its 2018 outperformance relative to his coverage universe implies a total return that is now more in line with the average. Kwan also warns that the heightened market volatility could reduce Brookfield Business Partners' earnings visibility and thus the estimated values for its investments, recommending increased disclosures regarding their financial performance.
01/15/19
01/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PG&E (PCG) downgraded to Sell from Buy at Argus with analyst Jacob Kilstein citing the company's announcement that it will declare bankruptcy based on the potential for $30B in liability costs related to its role in California wildfire, the lack of financing, and the absence of the state government intervention. 2. SL Green Realty (SLG) downgraded to Neutral from Buy at Goldman Sachs with analyst Andrew Rosivach saying he believes the market will value at a lower multiple than real estate ownership. 3. Atlassian (TEAM) and Yext (YEXT) were downgraded to Underweight from Equal Weight at Morgan Stanley while Oracle (ORCL), VMware (VMW), and Autodesk (ADSK) were downgraded to Equal Weight from Overweight. 4. Brookfield Business Partners (BBU) downgraded to Sector Perform at RBC Capital. 5. Edison International (EIX) downgraded to Underperform from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith citing the challenging operating environment in California following the PG&E (PCG) Chapter 11 filing. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/13/19
FBCO
05/13/19
INITIATION
Target $42
FBCO
Neutral
Johnson Controls reinstated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh reinstated Johnson Controls (JCI) with a Neutral rating and a $42 price target, following the Power Solutions sale to Brookfield (BBU). The analyst cited tailwinds from energy efficiency/sustainability, improved free cash flow metrics, and margin expansion driven by incremental synergy/productivity gains in 2019/2020. However, he does not see meaningful upside to consensus estimates or relative valuation to implied IR ClimateCo, at this time.
07/03/19
FBCO
07/03/19
INITIATION
Target $48
FBCO
Outperform
Brookfield Business Partners reinstated with an Outperform at Credit Suisse
Credit Suisse analyst Andrew Kuske reinstated coverage of Brookfield Business Partners with an Outperform rating and $48 price target. The reinstatement follows the issuance of $795M of equity by way of a bought deal and two private placements, he contends.

TODAY'S FREE FLY STORIES

AAPL

Apple

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SVRA

Savara

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0.03 (1.36%)

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Genpact

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0.51 (1.25%)

, FB

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KAR

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0.18 (0.71%)

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ZS

Zscaler

$74.34

-6.5 (-8.04%)

12:37
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  • 10

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ENVA

Enova International

$24.92

0.31 (1.26%)

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AZN

AstraZeneca

$44.38

0.02 (0.05%)

12:33
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Conference/Events
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PCG

PG&E

$10.35

-3.95 (-27.62%)

, AMGN

Amgen

$202.49

-1.46 (-0.72%)

12:22
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On The Fly
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PCG

PG&E

$10.35

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AMGN

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$202.49

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PANW

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$196.50

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WB

Weibo

$41.70

4.65 (12.55%)

DRYS

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$5.19

1.355 (35.38%)

EL

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18.54 (10.34%)

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LOW

Lowe's

$95.37

1.46 (1.55%)

, HD

Home Depot

$206.92

3.28 (1.61%)

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Lowe's

$95.37

1.46 (1.55%)

HD

Home Depot

$206.92

3.28 (1.61%)

JCP

J.C. Penney

$0.61

0.0122 (2.04%)

SHLD

Sears

$0.00

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AMZN

Amazon.com

$1,823.13

31.31 (1.75%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
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Technical Analysis
NASDAQ market internals summary »

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GOOG

Alphabet

$1,202.00

25.06 (2.13%)

, GOOGL

Alphabet Class A

$1,204.36

25.67 (2.18%)

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GOOG

Alphabet

$1,202.00

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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APAM

Artisan Partners

$26.64

0.43 (1.64%)

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Conference/Events
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  • 20

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ARMK

Aramark

$40.72

3.65 (9.85%)

, PCG

PG&E

$10.43

-3.87 (-27.06%)

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On The Fly
Aramark upgrades, PG&E double downgrade among today's top analyst calls »

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Aramark

$40.72

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PCG

PG&E

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CVX

Chevron

$117.16

1.37 (1.18%)

XOM

Exxon Mobil

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BTU

Peabody Energy

$19.31

0.13 (0.68%)

ARLP

Alliance Resource Partners

$14.95

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SONO

Sonos

$13.14

1.24 (10.42%)

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  • 23

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QUOT

Quotient Technology

$7.84

0.035 (0.45%)

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BMA

Banco Macro

$34.53

-3.75 (-9.80%)

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BBAR

BBVA

$5.29

-0.575 (-9.80%)

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PCG

PG&E

$10.29

-4.01 (-28.04%)

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EL

Estee Lauder

$197.12

17.86 (9.96%)

12:00
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  • 19

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MYOV

Myovant Sciences

$7.90

0.92 (13.18%)

12:00
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Hot Stocks
Myovant Sciences rises 13.1% »

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NM

Navios Maritime

$4.98

0.58 (13.18%)

12:00
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Hot Stocks
Navios Maritime rises 13.3% »

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REPYY

Repsol

$0.00

(0.00%)

11:56
08/19/19
08/19
11:56
08/19/19
11:56
Downgrade
Repsol rating change at Barclays »

Repsol downgraded to…

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MLM

Martin Marietta

$254.47

-0.27 (-0.11%)

11:56
08/19/19
08/19
11:56
08/19/19
11:56
Conference/Events
Martin Marietta management to meet with Jefferies »

Meetings to be held in…

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