Brookfield Asset Management Inc said on Wednesday it will buy most of Oaktree Ca...
- Brookfield Asset Management Inc said on Wednesday it will buy most of Oaktree Capital Group LLC in a roughly $4.8 billion deal, creating an alternative-asset manager that would rival industry leader Blackstone Group in size.
Oaktree’s stock is down around 13 percent in the last five years, even after a price bump on Wednesday following the deal’s announcement. By comparison, the S&P 500 Index is up more than 50 percent over the same time and Blackstone’s share price is up 4 percent. “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,” Brookfield Chief Executive Bruce Flatt said in a statement.
Both companies will continue to operate as independent businesses, while Marks, Oaktree’s co-chairman, would join Brookfield’s board of directors.
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