Brookfield takes control of Oaktree Capital in $4.8bn dealStaff Writer |
Acquisition Brookfield will acquire all outstanding Oaktree Class A units
Brookfield Asset Management and Oaktree Capital Groupannounced an agreement whereby Brookfield will acquire approximately 62% of the Oaktree business.
This represents a premium of 12.4% per Oaktree Class A unit, based on the closing price of Oaktree Class A units and Brookfield Class A Shares on March 12, 2019 and a 15.9% premium based on the 30-day Volume-Weighted Average Price of Oaktree Class A units.
The Oaktree Board of Directors, acting on the recommendation of a special committee, composed of non-executive, independent directors, has unanimously recommended that Oaktree unitholders approve the transaction.
Both Brookfield and Oaktree will continue to operate their respective businesses independently.
The two companies together will have approximately $475 billion of assets under management and $2.5 billion of annual fee-related revenues. ■
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