Wednesday, August 01, 2007 6:58:19 PM
Due to similar capital requirements, Brookfield believes that the infrastructure industry will evolve like the real estate industry in which assets are commonly owned through consortiums of institutional investors and owner/operators such as Brookfield. Brookfield Infrastructure will focus on large scale transactions in which Brookfield has sufficient control to influence operations. An integral part of the strategy is participation with institutional investors in Brookfield-sponsored consortiums for single-asset acquisitions or participation as a partner in Brookfield-sponsored partnerships that target acquisitions that suit Brookfield Infrastructure’s profile.
Brookfield will retain an approximate 40% equity interest in Brookfield Infrastructure and will manage its operations under a long-term management agreement.
Brookfield Infrastructure intends to seek a listing for its units on the New York Stock Exchange.
Subject to receipt of the various required approvals, Brookfield will implement the spin-off by way of a special dividend currently estimated to be approximately US$1.00 per Brookfield Class A Share, or approximately $600 million in aggregate for 60% of the issued and outstanding interests in Brookfield Infrastructure. The record date for the special dividend and Brookfield Infrastructure’s initial quarterly dividend will be established prior to the finalization of regulatory filings.
Merrill Lynch & Co. and Citigroup are acting as financial advisors in connection with the spin-off.
The completion of the distribution of Brookfield Infrastructure to Brookfield’s shareholders is subject to satisfaction of a number of conditions and, as such, there can be no certainty that the distribution will proceed or proceed in the manner or in the amount set forth above.
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