Deals
Brookfield to Take Property Arm Private in $6.5 Billion Deal
- Cash and stock bid of $18.17 is 10% higher than January offer
- Deal is subject to unitholder vote; projected closing in 3Q
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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, boosting its offer to take private its real estate arm.
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.