Brookfield closes $750 mln acquisition of Teekay Offshore stake

The private equity group of Brookfield Asset Management has closed its buy of 60 percent of Teekay Offshore Partners LP (NYSE: TOO), an affiliate of Vancouver-based marine energy transportation, storage and production company Teekay Corp (NYSE: TK). The deal, announced in July, is valued at US$750 million. As a result of the close, Brookfield nominated four representatives to Teekay Offshore’s general partner: David Levenson, Jim Reid, Walter Weathers and Bradley Weismiller. Teekay Offshore President and CEO Ingvild Sæther said the deal positions the business to "take advantage of future opportunities as the global energy market recovers."

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