Global asset manager Brookfield Asset Management has completed the spin-off of Brookfield Business Partners (BBU), the primary public vehicle through which Brookfield will own and operate the business services and industrial operations of its private equity group, according to a company release.
“The spin-off of Brookfield Business Partners completes the fourth pillar of our strategy to consolidate Brookfield's major business units and furthers our asset management strategy, providing investors with direct access to many businesses within our private equity group,” said Bruce Flatt, CEO of Brookfield.
The spin-off was accomplished by giving special dividend units of BBU to holders of Brookfield’s Class A and B limited voting shares, according to the release. Each shareholder received one BBU unit for every 50 shares. Brookfield shareholders now own 19,725,150 BBU units – or about a 22% limited partnership interest in Brookfield Business Partners, on a fully-diluted basis. Brookfield holds the general partner interest in BBU, the release stated.
BBU units commended regular-way trading on the Toronto Stock Exchange and the New York Stock Exchange on Monday under the symbols “BBU.UN” and “BBU,” respectively.
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