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Asset manager buys up big stake in Oaktree

Oaktree Capital Management, which owns significant shareholdings in tanker and bulk, will get a new majority shareholder. Canadian asset manager has bought big stake in the company.

The management continues at Oaktree, despite new investor, including Howard Marks. Photo: Pressefoto

Canada’s largest asset manager, Brookfield Asset Management, entered a deal Wednesday to buy 62 percent of Oaktree's shares.

Oaktree is a prominent investor within shipping and owns stakes in shipping companies Torm, Eagle Bulk and Star Bulk, while it also has a fund with a special focus on shipping, Fleetscape.

Together, the two companies will control assets with a value totaling USD 475 billion. The companies focus on property, infrastructure, transport, renewables and debt.

The deal is expected to be finalized in the third quarter of 2019.

Brookfield will control 62 percent while the remaining 38 percent will be divided between Oaktree founders Horward Marks & Bruce Karsh and several other members of Oaktree.

Oaktree will continue as an independent company under the same management, even though Brookfield will now be the majority owner.

The deal is conditional on approval from the relevant authorities and must also be officially accepted by Oaktree’s shareholders. However, this is a formality, as Marks and Karsh both sit on 92 percent. The price has not been disclosed, but the parties write that Brookfield will pay between USD 49 per share or 1,077 shares in the new company per share in Oaktree.

This article is delivered by AMWatch's sister site ShippingWatch.

English Edit: Lena Rutkowski

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