Deals
Brookfield’s Clarios Plans Raising Debt for Dividend, Sources Say
- Car battery maker to raise new debt to pay special dividend
- Brookfield, CDPQ bought Clarios for $13 billion in 2019
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Clarios International Inc. is considering taking on new debt in order to hand cash to its owners, including Brookfield Asset Management Ltd. and Canadian pension fund Caisse de Depot et Placement du Quebec, according to people familiar with the matter.
The Wisconsin-based car battery maker is planning to raise several billion dollars for a so-called dividend recapitalization, which could be one of the biggest over the past year, the people said. Clarios aims to complete the deal by the end of this quarter and pay a special dividend to its shareholders with the proceeds, the people said, asking not to be identified as the information is private.