Brookfield Asset Management’s investment vehicle said on Friday it would buy asset manager La Trobe Financial in a $1.1bn deal, as the Canadian alternative asset manager looks to expand into Australia.
Brookfield Business Partners will initially pay $756m in equity and a part of the $1.1bn payment will be tied to the business achieving certain milestones.
The deal is expected to close in the second quarter of 2022.
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Founded in 1952, Australia-based La Trobe Financial has more than $9.63bn in assets under management, the company said.
Last month, Brookfield Asset Management Chief Executive Officer Bruce Flatt said the company was considering spinning off its asset management unit in a deal that could potentially gain a valuation of $70bn to $100bn.
Source: Reuters
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