Brookfield Asset Management Inc., Canada’s biggest alternative asset manager, plans to pay a special dividend of about US$525 million from the spin out of its private equity arm, according to a regulatory filing, more than originally planned.
Toronto-based Brookfield intends to issue 21 million limited partnership units in Brookfield Business Partners LP for an expected value of US$25 a piece, it said in a filing with U.S. regulators on Dec. 21.
Brookfield first said it planned to spin out its private equity arm in October. At the time, it estimated the value of distribution to its shareholders to be roughly US$500 million.
One unit in the new subsidiary will be issued for every 50 Class A and Class B shares held in the parent company, subject to certain conditions, the documents filed with regulators said. The new units will trade under the ticker “BBU” in New York, and “BBU.UN” in Toronto.