Brookfield Seals $2.9B Deal for Reliance Worldwide at $3.38/Share
BAM is trading near its 52-week low of $42.2 (8.5% above the low).
Summary
Brookfield Asset Management has finalized terms to acquire Reliance Worldwide for US$2.9 billion in cash, offering US$3.38 per share or A$4.75 per share. The deal follows four weeks of exclusive due diligence and a unanimous recommendation from Reliance's board. This acquisition expands Brookfield's industrial portfolio into plumbing supplies with exposure to the U.S. housing market. The transaction is expected to close subject to shareholder and regulatory approvals.
At the time of this announcement, BAM was trading at $45.77 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $75.1B. 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 8 out of 10. Source: Dow Jones Newswires.