Brookfield Corporation and Brookfield Asset Management said on Thursday that they will make changes to the latter’s corporate structure.
Brookfield Asset Management has entered into an agreement whereby it would own 100% of the asset management business, the companies said.
Brookfield Corp’s current 73% interest in the asset management business will now be held through its ownership of approximately 73% of Brookfield Asset Management’s publicly traded shares, the companies said. Brookfield Asset Management has also moved its head office to New York.
The companies said that this arrangement will not change operations or strategic plans for the companies and that it has no effect on the tax treatment of their respective dividends.
A special meeting for Brookfield Asset Management shareholders is scheduled for Dec. 20 to vote on the proposed changes. If approved, and pending regulatory and exchange approvals, the arrangement could be finalized in early 2025, the companies added.
Reuters
