Brookfield to acquire 60 pct of Teekay Offshore for $750 mln
The private equity group of Brookfield Asset Management has agreed to acquire 60 percent of Teekay Offshore Partners LP (NYSE: TOO), a provider of marine solutions focused on production and logistics to the offshore oil industry. Brookfield will pay about US$750 million for the stake. It will partner with Teekay Offshore's parent, Teekay Corp (NYSE: TK), a Vancouver-based marine energy specialist, which will retain a 14 percent interest in the affiliate. As part of the deal, Brookfield will acquire 49 percent of Teekay Offshore's general partner, with an option to buy an additional 2 percent. With the deal's close, it will appoint four directors to the general partner's board.
27 July 2017•4 mins read
