Brookfield Asset Management to Buy 62% of Oaktree Capital

By WSJ City

Brookfield Asset Management on Wednesday said it agreed to buy about 62% of fellow asset manager Oaktree for more than $4bn in cash and stock.

KEY FACTS

--- Brookfield said it will issue $49 in cash, or 1.077 shares, for each of Oaktree's 71.5m Class A units.

--- The $49 price represents a roughly 12% premium to Oaktree's Tuesday closing price of $43.83.

--- Oaktree's Class A units rose nearly 12% to $48.96 in early trading Wednesday.

--- Brookfield shares, which closed Tuesday at $45.99, were mostly unchanged.

Why This Matters

The combined company will have about $475bn of assets under management and $2.5bn of annual fee-related revenues.Brookfield said the total consideration paid in the deal will be half stock and half cash, which it will fund from its available liquidity. The company said it expects to complete the transaction in the third quarter.

A fuller story is available on WSJ.com

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(END) Dow Jones Newswires

March 14, 2019 02:43 ET (06:43 GMT)

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