TORONTO _ Brookfield Business Partners LP has signed a deal to buy the remaining interest in Genworth MI Canada Inc. that it does not already own in an offer that values the company at about $3.8 billion.

Brookfield owns a 57 per cent stake in the residential mortgage insurance company.

Under the terms of the agreement, Brookfield will pay $43.50 per share for the shares it does not hold

Genworth shares closed at $35.58 on the Toronto Stock Exchange on Friday.

The deal requires approval by a two-thirds majority vote by shareholders, as well as the approval by a simple majority of votes cast by minority shareholders, which excludes Brookfield.

Genworth MI Canada rebranded earlier this month and has been operating under the Sagen MI Canada banner.

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