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Brookfield Agrees to Buy American National for $5.1 Billion

  • American National investors to get $190 in cash for each share
  • Brookfield CEO says firm has a ‘track record of stable growth’
Updated on

Brookfield Asset Management Reinsurance Partners Ltd. agreed to buy American National Group Inc. for about $5.1 billion in cash, adding a company that offers products including life insurance, annuities and health coverage, and operates across all 50 U.S. states.

Under the agreement, Brookfield Reinsurance will pay $190 in cash for each share of American National, the companies said in a statement Monday. That’s 10% more than American National’s closing price on Friday, and represents a 25% premium over its average 30-day price.