Brookfield Capital Partners Strikes Takeover Deal for Reliance Worldwide
BAM sits 25% above its 52-week low of $42.2.
Summary
Brookfield Capital Partners, a private equity arm of Brookfield Asset Management, has agreed to acquire Reliance Worldwide for A$4.75 per share in cash, valuing the company at A$3.55 billion equity and A$4.1 billion enterprise value. The offer represents a 32% premium to Monday's close and follows three earlier bids by Brookfield. The deal expands Brookfield's industrial portfolio and adds a new platform in the plumbing and heating products space. The transaction is subject to customary closing conditions and regulatory approvals.
At the time of this announcement, BAM was trading at $52.57 on NYSE in the Finance sector, with a market capitalization of approximately $84B. The 52-week trading range was $42.20 to $62.57. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.