Brookfield Asset Management has bought a majority stake in major shipping investor Oaktree Capital Management.
The $4.7bn deal was announced today and will see Brookfield take a 62% position in Los Angeles-based Oaktree, creating a $475bn asset manager.
“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," Brookfield chief executive Bruce Flatt said.
