Brookfield Reinsurance To Acquire American Equity Investment Life Holding - Quick Facts

(RTTNews) - Brookfield Reinsurance (BNRE, BNRE.TO) and American Equity Investment Life Holding Company (AEL) have entered into a definitive agreement whereby Brookfield Reinsurance will acquire all of the outstanding shares of common stock of AEL it does not already own in a cash and stock deal that values American Equity Investment Life at approximately $4.3 billion. Each AEL shareholder will receive $55.00 per AEL share, consisting of $38.85 in cash and 0.49707 of a Brookfield Asset Management (BAM, BAM.TO) class A limited voting share having a value equal to $16.15.

Brookfield Reinsurance plans to acquire from Brookfield Corporation (BN, BN.TO) the Brookfield Asset Management shares required to satisfy the non-cash consideration offered to AEL shareholders. There will be no net new issuance of shares of BAM, BN or Brookfield Reinsurance and no dilution to BAM, BN or Brookfield Reinsurance shareholders as a result of the deal. The cash portion of the acquisition will be funded from excess liquidity within Brookfield Reinsurance.

AEL has agreed to suspend the payment of dividends on common stock through the closing of the deal, unless the transaction does not close by April 4, 2024.