Brookfield to Acquire Remaining Oaktree Stake for $3 Billion (1)

Brookfield will acquire the remaining parts of distressed-debt specialist Oaktree Capital Managementit doesn’t already own, adding further heft to its credit business that’s emerged as a key driver of growth in recent years.

New York-based Brookfield Asset Management Ltd. and parent company Brookfield Corp. will acquire the outstanding 26% stake in Oaktree for about $3 billion, according to a statement on Monday, which confirmed an earlier Bloomberg News report.

The transaction implies a valuation of around $11.5 billion for the whole of Oaktree, which has seen assets under management surge by 75% since Brookfield bought a stake ...