Canadian asset manager Brookfield Business Partners has acquired a majority share of Teekay Offshore Partners, a subsidiary of vessel owner Teekay Corporation.
Under the deal, Brookfield will provide Teekay with a US$640 million equity investment and other financing initiatives, including financing for two Teekay shuttle tanker newbuildings destined for the North Sea.
Brookfield and Teekay will invest US$610 million and US$30 million, respectively, in Teekay Offshore.
