Brookfield buys 62% Stake in Oaktree in $ 4.7 billion deal at Investing.com
© Reuters. Investing.com – Brookfield Asset Management approved buying a majority stake in the Oaktree Capital Group, creating one of the world's largest alternative asset managers.
Under the agreement, Brookfield Asset Management (NYSE 🙂 will buy a 62% stake in Oaktree Capital (NYSE 🙂 in a cash and equity agreement worth around NOK 4.7 billion. Brookfield will buy Oaktree's A shares for either $ 49 per share or 1,077 treasury shares, depending on shareholder elections, representing an 1[ads1]1.8% premium at Oaktree's closing price on March 12.
The agreement will allow Brookfield to diversify its offers into credit, which accounts for more than two-thirds of Oaktree's assets under management.
"This transaction allows us to expand our product offering to include one of the world's finest credit platforms, which have a value-driven, contracting investment style that is consistent with ours," said Bruce Flatt, CEO of Brookfield.
The Combined Companies will boast about $ 475 billion of assets under management.
Both companies will continue to operate independently under their current brands, but the deal will allow Brookfield to take over the entire ownership of Oaktree by 2029.
Brookfield was down 0, 15% for the day, while Oaktree increased 11.8%.
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