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Brookfield takes control of Oaktree Capital in $4.8bn deal

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Staff Writer | March 14, 2019
Brookfield Asset Management
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.

As part of the transaction, Brookfield will acquire all outstanding Oaktree Class A units for, at the election of Oaktree Class A unitholders, either $49.00 in cash or 1.0770 Class A shares of Brookfield per unit (subject to pro-ration).

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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