Brookfield Buys Oaktree

Brookfield buys Oaktree. 
   
Brookfield Asset Management will buy a 62 percent stake in Oaktree Capital Group for $4.7 billion. Oaktree shareholders will own the residual 38 percent of the firm. 
   
Brookfield presently focuses on private equity, real estate, infrastructure, and renewable power. Notable properties are London’s Canary Wharf, Manhattan West, the new complex at Hudson Yards, and Brookfield Place, near Wall Street.
     
This deal allows Brookfield to diversify its offerings into credit, which makes up 70 percent of Oaktree’s assets under management. The firms together will have about $475 billion of assets under management.
Bruce Flatt of Brookfield said: ‘This transaction enables us to broaden our product offering to include one of the finest credit platforms in the world, which has a value-driven, contrarian investment style, consistent with ours. There will be no change to either of the businesses. The overlap you see is small and even where there's overlap, the business that we run and Oaktree runs is different.’
Howard Marks of Oaktree said: ‘Our firms share a culture that emphasizes both investing excellence and integrity, and our businesses mesh without overlapping or conflicting. The industry is continuing to drive toward concentration of greater amounts of money in fewer groups. Strategic partnerships are going to be a theme for the future.’ 
   
Perella Weinberg Partners was the sole financial adviser to Oaktree. Simpson Thacher & Bartlett and Munger, Tolles & Olsen were legal advisers.
    
Weil, Gotshal & Manges and Torys represented Brookfield.

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