Brookfield takes control of Teekay Offshore’s general partner
The private equity group of Brookfield Asset Management has exercised its option to acquire an additional 2 percent ownership interest in the general partner of Teekay Offshore LP from Teekay Corp (NYSE: TK), a marine energy transportation, storage and production business based in Vancouver. As a result, Brookfield increased its GP stake to 51 percent and has obtained the right to appoint a majority of board directors. Brookfield last year acquired 60 percent of Teekay Offshore for about $938 million (US$750 million). As part of the deal, the Canadian investor took a 49 percent position in the company's GP.
3 July 2018•4 mins read
