Brookfield Asset Management has moved to buy a controlling 62% stake in major American shipping investor, Oaktree Capital Management, in a deal worth approximately $4.8bn.
Both Brookfield and Oaktree will continue to operate their respective businesses independently, with each remaining under its current brand and led by its existing management and investment teams.
The two alternative asset managers together will have approximately $475bn of assets under management and $2.5bn of annual fee-related revenues.
Bruce Flatt, CEO of Brookfield, stated, “As we continue to strategically grow Brookfield, we are thrilled to be partnering with Oaktree and with its exceptional management team whose credit business is second to none. 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.”
Oaktree has been one of the largest private equity investors in shipping this decade, buying into a huge spectrum of maritime firms, including shipowners, managers and tech firms.