Brookfield Reinsurance Submits Acquisition Proposal For American Equity Investment Life

(RTTNews) - Brookfield Reinsurance (BNRE.TO, BNRE) delivered a letter to the board of American Equity Investment Life Holding Company (AEL) setting forth a proposal to acquire all of the outstanding shares of common stock of American Equity Investment Life not already owned by Brookfield Reinsurance for aggregate consideration of $55.00 per share. For each AEL share, shareholders will receive $38.85 in cash and a number of Brookfield Asset Management Ltd. (BAM, BAM.TO) class A limited voting shares having a value equal to $16.15.

Brookfield Reinsurance plans to acquire from Brookfield Corporation (BN, BN.TO) shares of Brookfield Asset Management Ltd. required to satisfy the non-cash consideration offered to AEL shareholders. Brookfield Corp.'s interest in Brookfield Asset Management will decrease from 75% to approximately 73%.

Brookfield Reinsurance will increase its assets under management to approximately $100 billion upon closing of the acquisition, and Brookfield Asset Management will increase its overall AUM to approximately $900 billion.