Brookfield investment unit to buy Australia's La Trobe in $1.1 bln deal (updated)

Brookfield Business Partners LP

18/03/2022 20:46

(Adds deal details)
    March 18 (Reuters) - Brookfield Asset Management Inc's
 BAMa.TO  investment vehicle said on Friday it would buy asset
manager La Trobe Financial in a $1.1 billion deal, as the
Canadian alternative asset manager looks to expand into
Australia.
    Brookfield Business Partners  BBU.N  will initially pay $756
million in equity and a part of the $1.1 billion payment will be
tied to the business achieving certain milestones. 
    The deal is expected to close in the second quarter of 2022.
    Founded in 1952, Australia-based La Trobe Financial has more
than A$13 billion ($9.63 billion) 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 $70 billion to $100 billion.  urn:newsml:reuters.com:*:nL4N2UL3CM
    


($1 = 1.3495 Australian dollars)

 (Reporting by Niket Nishant in Bengaluru; Editing by Devika
Syamnath)
 ((Niket.Nishant@thomsonreuters.com;))