06:41:58 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Brookfield Asset Management Inc
Symbol BAM
Shares Issued 987,136,394
Close 2016-06-29 C$ 42.92
Market Cap C$ 42,367,894,030
Recent Sedar Documents

Globe/wire say Brookfield Asset buys TerraForm shares

2016-06-30 09:17 ET - In the News

The Globe and Mail reports in its Thursday edition that Brookfield Asset Management ($42.92) has emerged as a key investor in SunEdison's TerraForm Power Inc. A Bloomberg dispatch to The Globe says that Brookfield, through various units, acquired almost 11.1 million of TerraForm's Class A shares for about $98.5-million (U.S.). That gives it a 12-per-cent share and makes Brookfield the largest shareholder. It also entered into swap agreements to potentially buy almost 11.6 million more shares, and disclosed that it has expressed interest in buying SunEdison's Class B shares that provide control over TerraForm, though no specific proposal is currently pending. The deals show that TerraForm's portfolio of operating wind and solar farms has value, even though parent company SunEdison is embroiled in bankruptcy proceedings. Matt Tucker, an analyst with KeyCorp, called Brookfield's move a "positive" Wednesday. The news boosted TerraForm's shares 18 per cent to $10.34 (U.S.) at the close in New York, the most in more than six months. Brookfield may be TerraForm's "white knight," according to Michael Morosi, an analyst at Avondale Partners LLC, who upgraded TerraForm's Class A shares to the equivalent of buy.

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