Brookfield Infrastructure completes reorganization of Brookfield Infrastructure Corporation
Torys acted as Canadian and U.S. counsel to Brookfield Infrastructure with a team led by Karrin Powys-Lybbe and that included Josh Lavine, Jonathan Cescon, Sophie Courtois, Alisse Wilson, Danielle Marjoram, Nicole Beausoleil and Mackenzie Birchard (corporate/Canadian securities), Mile Kurta and Maija Fiorante (U.S. securities), Andrew Gray (plan of arrangement), Corrado Cardarelli and Andrew Wong (Canadian tax), David Mattingly and Debra Aboodi (U.S. tax).
On December 24, 2024, Brookfield Infrastructure Partners L.P. (the “Partnership”) and Brookfield Infrastructure Corporation (“BIPC”) completed a reorganization to maintain the benefits of Brookfield Infrastructure’s business structure, while addressing proposed amendments to the Income Tax Act (Canada) that were expected to result in additional costs to BIPC if no action was taken.
BIPC was created by the Partnership in 2020 to provide investors with an opportunity to gain access to the Partnership’s globally diversified portfolio of high-quality infrastructure assets through a corporate structure. BIPC provides shareholders with the benefits of broader index inclusion, a differentiated investor base, improved trading liquidity, a simplified tax reporting framework and higher after-tax yield for certain shareholders.
As a result of the reorganization, which was implemented pursuant to a court-approved plan of arrangement and required shareholder approval, in exchange for their class A exchangeable subordinate voting shares of BIPC, BIPC shareholders automatically received new class A exchangeable shares that provide the same economic benefits and governance of investing in BIPC. The new exchangeable shares are listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol “BIPC”.
Further information can be found on Globe Newswire’s website and on bip.brookfield.com.
Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. It is focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. Investors can access its portfolio either through Brookfield Infrastructure Partners L.P., a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation, a Canadian corporation.