Brookfield approves distribution of 25% interest in its asset management business
Torys acted as counsel to Brookfield with a team led by Karrin Powys-Lybbe and that included Jennifer Baugh, Jonathan Cescon, Daniel Masliyah, Andrew Cooley, Brendan Dean, Christopher Tworzyanski and Tia Eisner (corporate/Canadian securities), Mile Kurta, Andy Beck, Chris Bornhorst and Dening Kong (U.S. securities), Jennifer Lennon, David Forrester and Emily Debono (executive compensation), Corrado Cardarelli, Gwen Watson, Richard Johnson and Ian Farndon (Canadian tax), David Mattingly, Chris Saki and Michelle Lu (U.S. tax).
On September 23, 2022, Brookfield Asset Management Inc. (“Brookfield”) announced that its Board of Directors unanimously approved its previously announced transaction for the public listing and distribution of a 25% interest in its asset management business, through Brookfield Asset Management Ltd. (the “Manager”).
With the approval, Brookfield entered into an arrangement agreement to implement the transaction that will result in the division of Brookfield into two publicly traded companies — the Corporation (Brookfield Asset Management Inc. will be renamed “Brookfield Corporation”) and the Manager — with the holders of Brookfield’s class A limited voting shares, class B limited voting shares and Series 8 and 9 class A preference shares (collectively, "Shareholders”) becoming shareholders of the Manager upon the transaction’s completion.
Closing of the transaction is subject to the satisfaction of certain conditions, including Shareholder approval at a meeting called for November 9, 2022, where Shareholders of record as of the close of business on October 3, 2022 will be entitled to vote on the transaction; approval of the Ontario Superior Court of Justice; NYSE and TSX listing approvals; and other customary regulatory approvals.
Further information can be found on Globe Newswire’s website.
Brookfield Asset Management Inc. is a leading global alternative asset manager with over US$750 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit. It owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.