Brookfield Closes Sale of Longview Timber and Longview Fibre Paper and Packaging
23 Juli 2013 - 7:25PM
Marketwired
Brookfield Asset Management Inc. ("Brookfield") (NYSE:BAM)
(TSX:BAM.A) (EURONEXT:BAMA), announced today that it closed the
previously disclosed sales of Longview Timber and Longview Fibre
Paper and Packaging in two separate transactions for aggregate
proceeds of $3.675 billion.
Brookfield sold Longview Timber to Weyerhaeuser Co. for $2.65
billion. After repayment of debt and distribution of proceeds to
both Brookfield private fund investors and Brookfield
Infrastructure Partners, net cash proceeds to Brookfield were
approximately $600 million. Separately, Brookfield closed the sale
of Longview Fibre Paper and Packaging to KapStone Paper and
Packaging for $1.025 billion. After repayment of debt and
distribution of proceeds to Brookfield private fund investors,
Brookfield received approximately $250 million in net cash
proceeds.
The closing of these two transactions increased Brookfield's
liquidity by approximately $850 million and resulted in an
attractive risk-adjusted return on capital to Brookfield, its
flagship public infrastructure entity and investors in Brookfield's
private funds.
Brookfield Asset Management Inc. is a global alternative asset
manager with over $175 billion in assets under management. The
company has over a 100-year history of owning and operating assets
with a focus on property, renewable power, infrastructure and
private equity. It has a range of public and private investment
products and services, which leverage its expertise and experience
and provide Brookfield with a competitive advantage in the markets
where it operates. Brookfield is co-listed on the New York and
Toronto stock exchanges under the symbol BAM and BAM.A,
respectively, and on NYSE Euronext under the symbol BAMA. For more
information, please visit our website at www.brookfield.com.
For more information, please visit our web site at
www.brookfield.com.
Contacts: Brookfield Asset Management Inc. Andrew Willis
Communications and Media (416) 369-8236 (416) 363-2856
(FAX)andrew.willis@brookfield.com Brookfield Asset Management Inc.
Amar Dhotar Investor Relations (416) 359-8629 (416) 363-2856
(FAX)amar.dhotar@brookfield.com www.brookfield.com
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