Teekay Offshore GP is now under the control of Brookfield Business Partners.
The Canadian alternative asset manager has upped its stake in Teekay Offshore Partners' general partner by 2% to 51%, gaining the right to appoint a majority of its board members.
Parent company Teekay Corp will still have the right to appoint two board members as long as it owns at least 10% of the partnership’s outstanding common units.
