By Matt Grossman
Brookfield Asset Management Inc. is seeking to buy the limited-partnership units of Brookfield Property Partners that it doesn't already own in a deal valued at $5.9 billion, Brookfield Asset Management said Monday.
The Canadian asset-management company, which is pursuing the deal with institutional partners, said it would pay $16.50 for each Brookfield Property Partners unit.
Brookfield Property Partners unit holders would have the option to receive for each unit $16.50 in cash, 0.4 Class A Brookfield Asset Management share or 0.66 preferred unit of Brookfield Property Partners with a liquidation preference of $25 per unit, Brookfield Asset Management said.
"The privatization will allow us to have greater flexibility in operating the portfolio and realizing the intrinsic value of [Brookfield Property Partners'] high-quality assets," Brookfield Asset Management Chief Financial Officer Nick Goodman said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
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