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☆ Brookfield to buy annuities provider American Equity in $4.3 bln deal
▼ + stars: | 2023-07-05 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

July 5 (Reuters) - Canadian investment firm Brookfield (BN.TO) on Wednesday agreed to buy the remaining stake in American Equity Investment Life Holding (AEL.N) that it did not already own, valuing the long-sought-after annuities provider at $4.3 billion. It represents a 35% premium to AEL's last closing price on the New York Stock Exchange before media reports of a possible takeover bid from Brookfield emerged. The deal consists of $38.85 in cash and the rest in shares of Brookfield Asset Management's (BAM.TO). AEL shares had touched a record-high of $53.68 when the bid was announced on June 27 and have been trading around the same levels. If the deal is terminated, AEL has agreed to pay Brookfield Reinsurance a termination fee of $102 million.

Persons: Jon Bayer, Manya Saini, Nivedita Bhattacharjee, Arun Koyyur Organizations: Equity Investment Life, AEL, Elliott Investment Management, Prosperity, Brookfield, New York Stock Exchange, Brookfield Asset, FIA, Athene, Massachusetts Mutual Life Insurance, Thomson Locations: Brookfield, Athene Holding, Bengaluru

☆ Brookfield buys payments firm Network International for $2.76 bln
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

June 9 (Reuters) - Canada's Brookfield Asset Management (BAM.TO) said on Friday it would buy payments provider Network International (NETW.L) for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa. The Canadian firm said Network directors intended to unanimously recommend that shareholders vote in favour of the deal. Brookfield, which has over $5 billion in assets under management in the Middle East, last year bought a 60% stake in Magnati, the payments business of First Abu Dhabi Bank (FAB.AD). The investment firm said the deal would be financed by a combination of equity investment, as part of which Brookfield Business Partners expects to invest up to about $150 million. Network International, whose top investors include Capital Research and Mastercard UK, listed in London in April 2019 at an initial public offering price of 435 pence a share.

Persons: Brookfield, Aby Jose Koilparambil, Eva Mathews, Nivedita Bhattacharjee, Jason Neely Organizations: Brookfield Asset Management, Network, United, Capital, Francisco Partners, Brookfield, Abu Dhabi Bank, Brookfield Business Partners, Network International, Capital Research, Mastercard, Thomson Locations: Brookfield, East, Africa, United Arab Emirates, Magnati, London, Bengaluru

☆ Brookfield gets some M&A help from Gulf friends
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 9 (Reuters Breakingviews) - Brookfield Asset Management (BAM.TO) has won its payments race. The Canadian investment group’s 2.2 billion pound bid for London-listed payments provider Network International (NETW.L) was enough to see off a rival pitch from CVC and Francisco Partners. They’ve also endorsed a plan to merge Dubai-based Network International with domestic peer Magnati, a former unit of FAB. If Network International alone can grow revenues at a 15% annual clip and reach a margin of 44% from the current 41%, EBITDA could hit $388 million by 2028. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brookfield, They’ve, EBITDA, Pamela Barbaglia, Xavier Niel, George Hay, Streisand Neto Organizations: Reuters, Brookfield Asset Management, London, Network, Francisco Partners, Abu Dhabi Bank, Abu, Abu Dhabi Developmental Holding Company, FAB, ACI, Brookfield, Twitter, Thomson Locations: Abu Dhabi, Saudi, Dubai

☆ NZ's Infratil to buy stake in One New Zealand for $1.1 bln
▼ + stars: | 2023-06-06 | by ( Navya Mittal | ) www.reuters.com time to read: +1 min

June 7 (Reuters) - New Zealand's infrastructure investor Infratil (IFT.NZ) said on Wednesday it will acquire Canada's Brookfield Asset Management's (BAM.TO) stake in One New Zealand for NZ$1.8 billion ($1.1 billion) to strengthen its digital and renewable portfolio. Infratil will have full control over the country's second biggest mobile market operator by market share after buying the 49.95% stake. One New Zealand, previously known as Vodafone NZ, has 2.7 million connections of its mobile and broadband networks. "Since acquiring One New Zealand with Brookfield in 2019, we have invested meaningful capital to support network expansion, including the roll-out of 5G, and are pleased to now assume full ownership of the business," said William Smales, chief investment officer at Morrison & Co, which manages Infratil. ($1 = 1.6466 New Zealand dollars)Reporting by Navya Mittal in Bengaluru; Editing by Chris Reese, Lisa Shumaker and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Boyes, William Smales, Navya Mittal, Chris Reese, Lisa Shumaker, Sherry Jacob, Phillips Organizations: NZ, Vodafone NZ, Morrison & Co, Zealand, Thomson Locations: New Zealand, Zealand, Brookfield, Bengaluru

"With loan terms tougher and tighter, the option for private credit providers is on steroids," said Drew Schardt, head of investment strategy at Hamilton Lane, one of the largest investment firms in private markets. Pietrzak sees "attractive" assets in auto and consumer lending. POISED TO GAIN SHAREInvestors providing private credit comprise 12% of the $6.3 trillion U.S. commercial credit market, according to Fitch Ratings. "The tightening of lending standards creates opportunities for private credit to gain share," said Lyle Margolis, Fitch's head of private credit. While private credit funds have grown swiftly, the risks they pose to the financial system appear limited, the Federal Reserve wrote in a report this month.

☆ The Inflation Reduction Act Will Allow an Asset Manager Takeover of Our Infrastructure - The New York Times
▼ + stars: | 2023-05-08 | by ( Brett Christophers | ) www.nytimes.com time to read: +1 min

The Inflation Reduction Act will reshape the physical and economic landscape of the United States over the next decade, including in ways that might surprise a lot of people. will help accelerate the growing private ownership of U.S. infrastructure, and in particular its concentration among a handful of global asset managers like Brookfield. This is taking the United States into risky territory. and 2021’s Infrastructure Investment and Jobs Act, President Biden’s other key legislation for infrastructure investment, is that they represent a renewal of President Franklin Roosevelt’s New Deal infrastructure programs of the 1930s. Public ownership of major infrastructure has remained an American mainstay ever since.

☆ As earnings season winds down, investors turn to Tuesday's debt ceiling meeting
▼ + stars: | 2023-05-06 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

With only a small fraction of the S & P 500 left to report quarterly earnings, investors are now turning their focus to another major hurdle for the markets and economy: the debt ceiling crisis. Earlier this week, we looked back to debt limit crisis of 2011 for potential lessons. The protracted fight ultimately ended in an agreement in early August of that year, but it was a choppy summertime ride for investors. Within the portfolio, Wynn Resorts will report Tuesday, after the closing bell, and Disney will report on Wednesday, after the closing bell. Estee Lauder (EL) and Emerson Electric (EMR) reported earnings before the opening bell.

☆ Billionaire investor Howard Marks tells clients he is taking a leave of absence after a recent throat cancer diagnosis: 'I should be fully back in action around mid-summer'
▼ + stars: | 2023-05-04 | by ( Rebecca Ungarino | Kaja Whitehouse | ) www.businessinsider.com time to read: +2 min

Howard Marks told clients that he is taking a leave of absence after a throat cancer diagnosis. Marks, who cofounded Oaktree, said he expects to be "fully back in action around mid-summer." Marks, 77, does not expect "any negative consequences from the treatment, or any lasting limitations on my activities." Billionaire investor and Oaktree Capital Management co-chairman Howard Marks said in a note to Oaktree clients on Wednesday that he is taking a leave of absence while he undergoes treatment after a recent throat cancer diagnosis. "I'm writing to let you know I was recently diagnosed with a relatively common form of throat cancer.

☆ Brookfield CEO on economy: Growth slowing around the world but we focus on long-term businesses
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBrookfield CEO on economy: Growth slowing around the world but we focus on long-term businessesBruce Flatt, Brookfield Asset Management CEO, joins 'Squawk on the Street' to discuss Flatt's overall viewpoint on the economy, the story behind Brookfield's commercial real estate business and parting thoughts on the San Francisco market.

☆ Brookfield’s Los Angeles Office Company Is Roiled by Defaults
▼ + stars: | 2023-04-30 | by ( Konrad Putzier | ) www.wsj.com time to read: 1 min

The FIGat7th shopping center in Los Angeles is among the properties owned by Brookfield DTLA. Photo: etienne laurent/ShutterstockA major Los Angeles office owner operated by Brookfield Asset Management is struggling to make mortgage payments as vacancies and rising interest rates disrupt the city’s commercial real-estate market. The company, known as Brookfield DTLA Fund Office Trust Investor Inc., owns six Los Angeles office buildings and a retail center. Five of the office buildings face the risk of foreclosure, according to its public filings, and at least two of its mortgages are in default.

☆ Private equity finds silver lining in Asia Pacific
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, March 28 (Reuters Breakingviews) - It’s hard working in Asia-Pacific private equity these days. On Monday Brookfield Asset Management (BAM.TO) and MidOcean Energy agreed to take Australia’s Origin Energy (ORG.AX) private for A$18.7 billion ($12.5 billion). A few days earlier Toshiba’s (6502.T) board tentatively backed Japan Industrial Partners’ $15.3 billion offer. Origin’s buyers, which plan to split the business in two, had already made three offers before Origin accepted. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ TSX opens week higher as banking crisis fears ebb
▼ + stars: | 2023-03-27 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (14:03 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 62.9 points, or 0.32%, at 19,564.39. "First Citizens' announcement of the acquisition of Silicon Valley Bank instilled a broad sense of confidence and calm in the stability of the banking system." The energy sector (.SPTTEN) added 0.3%, tracking strength in crude oil prices. If gains hold, the TSX is on course to eke out a gain of 0.9% for the quarter ending in March. Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Brookfield has prevailed over other investment firms in an auction that Data4's majority owner, Axa Investment Managers, held for the company, the sources said on Friday. If negotiations and financing arrangements are concluded successfully, a deal could be announced as early as next week, the sources added. The sources cautioned that there remained a chance that no deal would be completed and asked not to be identified because the matter is confidential. Brookfield declined to comment, while representatives for Data4 and AXA Investments, a division of French insurer AXA (AXAF.PA), did not immediately respond to requests for comment. Headquartered in Paris, Data4 operates at least 25 data centers across France, Italy, Spain and Luxembourg, according to its website.

☆ Toshiba board accepts Japan Industrial Partners' $15 bln buyout proposal
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +3 min

TOKYO, March 23 (Reuters) - Toshiba Corp's (6502.T) board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. [1/2] The logo of Toshiba Corp is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File Photo 1 2The fallout from that debacle eventually led to the strategic review and the buyout proposal. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ Toshiba board accepts Japan Industrial Partners' $15 billion buyout proposal
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: +3 min

Toshiba Corp's board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. A successful deal would see the scandal-ridden industrial conglomerate taken private and firmly in domestic hands after much tension with overseas activist shareholders. Some 20 Japanese companies including financial services firm Orix Corp, chipmaker Rohm Co <6963.T> and Chubu Electric Power plan to take part in the deal, sources have said. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ Exclusive: Semiconductor manufacturer Infinera explores sale -source
▼ + stars: | 2023-03-14 | by ( Milana Vinn | ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Infinera Corp (INFN.O), a U.S. manufacturer of semiconductors for the telecommunications industry that competes with China's Huawei, is exploring options that include a sale of the company, according to a person familiar with the matter. The San Jose, California-based company, which has a market value of $1.6 billion, is working with investment bank Centerview Partners on a sale process that will launch in a few weeks, the source said. There is no certainty that Infinera will reach any deal, added the source, who requested anonymity because the deliberations are confidential. Infinera and Centerview did not respond to requests for comment. Infinera makes optical semiconductors and networking equipment for fixed line and mobile telecommunications networks.

☆ The growing number of distressed office buildings reflects a recognition by owners and lenders that the robust return to office they had hoped for isn't likely to materialize
▼ + stars: | 2023-02-22 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Office owners like Brookfield, RXR, and Related are in the process of defaulting on office loans. Some of real estate's biggest names have defaulted on their office debt in recent weeks. The delinquency rate for office loans is only 1.83% now, according to Trepp, a firm that researches real-estate debt. Loans come dueOver this year and next year, 24% of commercial real estate loans will be coming due, many of them office loans, per Hendry. Office buildings, from the newest and shiniest Class A towers to the older and less-sexy Class B buildings, were a pretty safe investment, as long as they were in the right locales.

☆ Office Landlord Defaults Are Escalating as Lenders Brace for More Distress
▼ + stars: | 2023-02-21 | by ( Peter Grant | ) www.wsj.com time to read: 1 min

The loan backing the office tower at 1740 Broadway in Manhattan became distressed because a major lease was expiring. The number of big office landlords defaulting on their loans is on the rise, fresh evidence that more developers believe that remote and hybrid work habits have permanently impaired the office market. The giant investment manager Brookfield Asset Management recently defaulted on a total of over $750 million in debt for a pair of 52-story towers in Los Angeles, according to a February securities filing. Real-estate firm RXR is in talks with creditors to restructure debt on 61 Broadway, a 34-story tower in Manhattan’s financial district, according to people familiar with the matter. Handing over the building to the lender is among the options under consideration, these people said.

☆ Brookfield consortium trims offer for Australia's Origin Energy to $10.5 billion
▼ + stars: | 2023-02-21 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +3 min

Feb 22 (Reuters) - A Brookfield-led consortium trimmed its offer for Origin Energy by 1% on Wednesday, valuing Australia's no.2 power producer and energy retailer at A$15.33 billion ($10.5 billion), after government moves to cap gas prices hit valuations in the sector. The consortium's first offer in November of A$9 per share was a near 55% premium to its previous close and valued Origin A$15.5 billion. Argo Investments, Origin's ninth largest investor, said the revised offer was still good value for the takeover target. The revised offer comprises A$8.90 apiece for the first 100,000 Origin shares. Almost 75% of Origin's shareholders own fewer than 100,000 shares, according to its annual report.

☆ Commercial real estate's biggest investors are spending hundreds of millions of dollars on the grittiest land in America. Here's why.
▼ + stars: | 2023-02-09 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +11 min

Big commercial-real-estate players from Brookfield to Fortress are snapping up industrial land. Brookfield is one of several big-name investors that are paying increasing attention to lowly industrial land. Industrial land also generally has lower operating costs and taxes compared to other real estate. It's hard to find big enough portfolios of industrial landThere are challenges, too, in breaking into the business of owning industrial land. Atkins said he has been impressed by the robustness of the IOS market, even with fears about the broader economy.

☆ Private-equity salaries revealed: Here's how much top firms like Blackstone, KKR, and Oaktree are offering 2024 associates
▼ + stars: | 2023-02-09 | by ( Emmalyse Brownstein | Rachel Durose | ) www.businessinsider.com time to read: +8 min

Some of the most recent private equity recruits will rake in nearly $200,000 in base pay alone. Among the firms recruiting are Bain Capital, Blackstone, and KKR & Co. — three of the largest private-equity firms in the world based on funds raised in the last five years. These private-equity firms, along with others, have increasingly accelerated their recruiting timelines to get ahead of competitors, as Insider previously reported. To woo promising junior talent, private-equity firms offer sky-high salaries and even more enticing bonus propositions, much like in investment banking, from which these firms cull most of their talent. Oaktree Capital ManagementOaktree Capital Management was founded in 1995, and has $170 billion in AUM, according to its website.

☆ A flurry of earnings reports, Fed rate hike, signs of a bull market
▼ + stars: | 2023-02-04 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Earnings season continues next week, with Club holdings Linde (LIN), Emerson Electric (EMR) and Walt Disney (DIS) all set to report. Similarly, shares of Meta Platforms (META) have surged over 20% since CEO Mark Zuckerberg reassured investors Wednesday evening that 2023 would be the technology giant's "year of efficiency." The bull case is further supported by continued signs inflation is easing, a still-robust job market and the breadth of market-buying activity since the start of the year. Lastly on Wednesday, the Fed's Federal Open Market Committee raised the federal funds rate by 25 basis points, in line with expectations. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Cellnex takeover would disrupt key strategic pivot
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 20 (Reuters Breakingviews) - A week after founder Tobias Martinez resigned from his chief executive role, Cellnex (CLNX.MC) could also lose its shareholders. Meanwhile the departure of Martinez was expected to herald a return to sobriety in a sector where low interest rates and high leverage boosted consolidation. In the age of higher interest rates, it may be time for the former predator to become prey. Okdiario hints that Cellnex’s main shareholders, led by Italy’s Benetton family with an 8% stake, are inclined to sell. Everything has a price, but the high premium needed to convince shareholders to change tack amid a strategic pivot could be hard to justify.

☆ Factbox: The 10 biggest U.S. retail bankruptcies in 5 years
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

J.C. PenneyAssets: $7.99 billionLiabilities: $7.16 billionStores: 846After more than a century in business, the department store chain filed for bankruptcy protection in May 2020, weighed down by mounting debt. At the time, its bankruptcy was the biggest collapse of a U.S. retailer by assets since Kmart in 2002. It soon emerged from bankruptcy with much of its store base intact and $400 million in fresh financial aid. Tailored BrandsAssets: $2.48 billionLiabilities: $2.84 billionStores: Over 1,400The owner of tuxedo and business suit chain Men's Wearhouse filed for bankruptcy in August 2020. It emerged from bankruptcy just days short of a year since it filed for bankruptcy under a new name, Premier Brands.

☆ This top-performing manager boasts mutual funds that are up 40% this year. Here's how he crushes the market
▼ + stars: | 2022-12-16 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Horizon Kinetics stood out in a brutal year for stocks — boasting several mutual funds that have returned more than 40%. On the list of best-performing equity mutual funds of 2022, four out of five are from this under-the-radar, New York City-based shop, according to Morningstar. Royalty companies Kinetics focuses on hard assets, but that doesn't mean each candidate appears in a Kinetics' portfolio. The Paradigm fund's biggest position is in Texas Pacific Land , one of the largest owners of land in Texas. The company, which Kinetics has owned since 1995, has exposure to two types of hard assets — land as well as oil and gas royalties.

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