Brookfield Asset Management to Buy 62% of Oaktree Capital
March 14 2019 - 2:58AM
Dow Jones News
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
WSJ City: The news, the key facts and why it matters. Be deeply
informed in less than five minutes. You can find more concise
stories like this on the WSJ City app. Download now from the App
Store or Google Play, or sign up to newsletters here
http://www.wsj.com/newsletters?sub=356&mod=djemwsjcity
(END) Dow Jones Newswires
March 14, 2019 02:43 ET (06:43 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Oaktree Capital (NYSE:OAK)
Historical Stock Chart
From Sep 2024 to Oct 2024
Oaktree Capital (NYSE:OAK)
Historical Stock Chart
From Oct 2023 to Oct 2024