Brookfield Buys Australia’s La Trobe Financial From Blackstone

Brookfield Asset Management Inc. will acquire one of Australia’s largest non-bank lenders, La Trobe Financial, from Blackstone Inc. for a valuation of about A$1.5 billion ($1.1 billion).

The valuation includes a contingent payment tied to the business achieving certain performance milestones, according to a statement from Brookfield on March 19.

Brookfield’s purchase of the Melbourne-based asset manager of more than A$13 billion marks an expansion for the Canadian firm into Australia. Until recently its private equity investments focused mainly on deals in Asia and Europe.

“We are pleased to expand our presence in Australia with the acquisition of La Trobe ...