BBU - Brookfield Business Partners expands in Australia with $1.1B La Trobe Financial buy

Brookfield Business Partners (NYSE:BBU) has agreed to acquire La Trobe Financial, a non-bank lender and asset manager, for ~$1.1B, to bolster its presence in Australia. The price includes a contingent payment linked to La Trobe achieving certain performance milestones. La Trobe Financial, which has more than A$13B in assets under management, manages fixed income credit funds on behalf of more than 50,000 qualified retail investors, primarily in residential property-backed loans. It also finances loans to high-quality borrowers in the Australian real estate market. Brookfield's initial investment will be funded with ~$765M of equity, of which Brookfield Business Partners (BBU) intends to invest ~$250M, and the balance from institutional partners. "We intend to invest in La Trobe Financial to support its growth and look forward to building on the business’ foundation of continuous growth and profitability," said Len Chersky, managing partner of Brookfield Business Partners (BBU). The companies expect the transaction

For further details see:

Brookfield Business Partners expands in Australia with $1.1B La Trobe Financial buy