Brookfield Asset Management buys Oaktree Capital Group LLC

US - Brookfield Asset Management Inc. (BAM) of Canada has definitively agreed to acquire a 65.562% majority interest or 88.564 mil class A and class B common shares in Oaktree Capital Group LLC, a Los Angeles-based portfolio manager, from Oaktree Capital Group Holdings LP and other shareholders, for a total USD 4.34 bil, in a leveraged buyout transaction. BAM offered a choice of USD 49 in cash per share or 1.077 BAM common share, subject to proration whereby consideration will be 50% in cash and 50% in common shares. The shares were valued based on BAM's closing stock price of USD 45.1 on 12 March 2019, the last full trading day prior to the announcement.

Date Announced: 13/03/2019
Deal Status (as of publication date): Pending
Deal Value (mil): $4,339.632

ACQUIRER ADVISORS*
Weil Gotshal & Manges (Legal Advisor)
Torys LLP (Legal Advisor)

TARGET ADVISORS*
Perella Weinberg Partners LP (Financial Advisor)
Sandler O'Neill Partners LP (Financial Advisor)
Simpson Thacher & Bartlett LLP (Legal Advisor)
Munger, Tolles & Olson LLP (Legal Advisor)
Mayer Brown LLP (Legal Advisor)
Gowling WLG (Legal Advisor)
McCarthy Tétrault LLP (Legal Advisor)
Paul, Weiss, Rifkind, Wharton & Garrison LLP (Legal Advisor)

Brookfield Asset Management Inc, headquartered in Toronto, Ontario, provides asset management services. It focuses on property, renewable power, private equity, and infrastructure assets. It currently owns a portfolio of office properties and hydroelectric power generation facilities, as well as transmission and timberland operations in South and North America and Europe. Among its subsidiaries are Brookfield Renewable Power and Brookfield Properties Corp. The Company was founded on April 7, 1899.

Oaktree Capital Group LLC, located in Los Angeles, California, provides investment management services. It is a global investment management firm focused on alternative markets. It manages funds in investment strategies that fall into the six asset classes, which include distressed debt, corporate debt, control investing, convertible securities, real estate and listed equities. The Company was founded in 1995.

*List of advisors are those known at press time.