In August 2019, Genworth Financial, Inc. (Genworth) announced that it had agreed to sell its approximate 57% shareholding in Canadian subsidiary Genworth MI Canada Inc. (Genworth Canada) to Canadian headquartered Brookfield Business Partners L.P. (Brookfield) for approximately C$2.4 billion. Genworth Canada, through one of its subsidiaries, is Canada’s largest private-sector residential mortgage insurer. The deal is expected to close before the end of 2019. One of the more interesting aspects of the announced deal is…

Non-Canadian secured lenders should be aware that they may have a filing obligation under the Investment Canada Act (Act) if they acquire control of a Canadian business in connection with the realization on security granted for a loan or other financial assistance. Until 2009, such transactions were entirely exempt from the Act. Specifically, paragraph 10(1)(c) of the Act classified a transaction involving “the acquisition of control of a Canadian business in connection with the realization…

It is generally accepted that agreements between competitors to fix prices, allocate markets and collude on tenders almost always have harmful effects on competition. Competition laws in various jurisdictions have, therefore, been drafted to address this and, in turn, agreements or understandings between competitors which provide for price fixing, allocating of markets and / or colluding on tenders are, in most instances, per se prohibited. Therefore, insofar as any such agreement or understanding is established,…