Brookfield Considers Bidding for PAG-Owned AirPower
, Bloomberg News
(Bloomberg) -- Brookfield Asset Management is considering bidding for AirPower Technologies Ltd., a Chinese industrial gases producer owned by buyout firm PAG, according to people familiar with the matter.
The Toronto-based firm has held talks for some or all of AirPower’s assets with PAG, said the people, who asked not to be identified as the information is private. PAG is seeking a minimum valuation of about $10 billion for the gases producer, the people said. Valuation could even go up to $15 billion based on this year’s projected earnings, one of the people said.
PAG created AirPower through merging Baosteel Gases and Yingde Gases Group Co., which it took private in 2017 in a $2.6 billion deal. The buyout firm filed for a Hong Kong initial public offering for AirPower in August with Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. as joint sponsors. While the IPO application lapsed earlier this year, PAG may still go for a listing for AirPower, one of the people.
Considerations are at an early stage and Brookfield could decide against any bid, the people said. Other suitors could emerge and PAG might decide to keep the asset as well, they added. Representatives for Brookfield and PAG declined to comment.
Brookfield is making a push into private equity and infrastructure investments in China after primarily investing in real estate and wind and solar farms in the past eight years. The firm bought a majority stake in Oaktree Capital in 2020 and hired ex-Blackstone Group Inc. senior managing director Alex Yang to head its private-equity and infrastructure businesses in China.
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Brookfield Asset Management - Wikipedia
The company was founded in 1899 as the São Paulo Tramway, Light and Power Company by William Mackenzie and Frederick Stark Pearson. It operated in the construction and management of electricity and transport infrastructure in Brazil.
In 1904, the Rio de Janeiro Tramway, Light and Power Company was founded by Mackenzie's group.[8]
In 1912, Brazilian Traction, Light and Power Company was incorporated in Toronto as a public company to develop hydro-electric power operations and other utility services in Brazil, becoming a holding company for São Paulo Tramway Co. and Rio de Janeiro Tramway Co.[9] In 1916, Great Lakes Power Company was incorporated to provide hydro-electric power in Sault Ste. Marie and the Algoma District in Ontario.[10]
In 1959, Edper Investments, founded by brothers Peter and Edward Bronfman, acquired Brazilian Traction, Light and Power Company for $15 million. In 1966, Brazilian Traction, Light and Power Company changed its name to Brazilian Light and Power Company, and again in 1969, changed its name to Brascan Limited.[9] Brascan is a portmanteau of "Brasil" and "Canada".[11]
During the 1970s, the company began to sell its Brazilian interests, and invested more heavily in industries such as a real estate, timber and mining.[12]
In 1979, the last of the company's Brazilian assets were transferred to Brazilian ownership (Eletropaulo and Light S.A.), the company meanwhile having diversified to other areas.[9] The company provided electricity and tram services in São Paulo and Rio de Janeiro, and the Brazilian side after a later restructuring still operates as Light S.A., short for Brazilian Traction, Light and Power Co. Ltd.[13]
In 2002, Bruce Flatt was appointed CEO of Brascan.[14] In 2005, after 37 years, Brascan Corp. was renamed to Brookfield Asset Management Inc.[15] Between 2013 and 2018, the company and its subsidiaries invested approximately $10 billion in Brazilian energy, infrastructure and real estate developments, including its acquisition of oil pipelines from energy companies such as Petroleo Brasileiro SA.[16]
By 2018, Brookfield's major public subsidiaries included Brookfield Infrastructure Partners, Brookfield Renewable Partners, Brookfield Property Partners, and Brookfield Business Partners.[17] In August 2018, Brookfield purchased Westinghouse Electric Company, a manufacturer of large nuclear reactors, out of bankruptcy for $4.6 billion.[18]
On March 13, 2019, Brookfield Asset Management announced that it had agreed to buy most of Oaktree Capital Management for about $4.7 billion, creating one of the world's largest alternative money managers.[19] On 31 July 2019 the sale of Vodafone New Zealand Limited to a consortium comprising Infratil Limited and Brookfield Asset Management Inc. was settled.[20]
In a deal in October 2019, Brookfield bought The Leela Palaces, Hotels and Resorts, an Indian luxury hotel chain located in New Delhi, Bengaluru, Chennai, Udaipur, in a US$530 million settlement, marking the entry of Brookfield in India's hospitality market.[21][22][23]
In 2020, in response to the COVID-19 pandemic, Brookfield's CEO Bruce Flatt assessed that the economic fallout was "much more manageable" than previous meltdowns.[24]
In October 2020, Mark Carney, departing Governor of the Bank of England, became a vice-chair of Brookfield, leading the firm's environmental, social and governance (ESG) and impact fund investment strategy
WHO OWNED ZOCALLO PARK DURING THE OCCUPY
MOVEMENT?
BROOKFIELD MANAGEMENT
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