A consortium led by Toronto private equity firm Brookfield has won its battle to take over Teekay Offshore after upping its offer to US$1.55 per ordinary share, compared to a previous offer of $1.05

Brookfield Business Partners has been placed to take Teekay Offshore Partners, since a preliminary $44 million takeover agreement was announced in May, following closely on the heels of an agreement to buy Teekay Corporation’s own stake in the company for $100 million.

Brookfield initial offer to take over the supplier of floating production and storage vessels and shuttle tankers offer was priced at $43.68