Brookfield to Take Property Arm Private in $6.5 Billion Deal
Bloomberg
17 mins ago
Scott Deveau
(Bloomberg) -- Brookfield Asset Management Inc. said it reached a $6.5 billion agreement to acquire the shares of Brookfield Property Partners LP it doesn’t already own, taking a fresh attempt at privatizing its real estate arm private.
The Canadian alternative-asset manager said Thursday it plans to acquire the minority stake for $18.17 per unit. That would mark a 10% increase to the $16.50 a unit Brookfield Asset offered in January, and a 26% premium over where the shares traded prior to that earlier proposal.
Brookfield Property’s board has unanimously approved the deal, according to the statement by the companies. Brookfield Property dropped 0.8% to $17.64 as of 9:59 a.m. in New York.