Brookfield Asset Management is buying a 25% stake in Link Financial Group, a European loan servicer and parent company of credit money manager LCM Partners.
Real assets manager Brookfield has an option to acquire another 24.9% of Link Financial over time, a news release said. Terms of the deal including the purchase price are not being disclosed.
Brookfield is buying the stake to expand its credit business as well as its asset management business in Europe. Brookfield has $285 billion in assets under management, a Brookfield spokeswoman said. Link and LCM manage €25 billion ($30.7 billion) in assets.
"We spoke to all our (limited partners) and when we explained why we were looking for a strategic (partner) and why we chose Brookfield, they were all positive about our decision," said Paul Burdell, LCM and Link's CEO, in an email.
"It is all about partnering with someone where you complement one another and where you each look upon the other as a peer," Mr. Burdell stated.
Brookfield also has a global footprint that will give Link and LCM access to new markets, he wrote.
"Last, but not least, we were looking for an organization that shares our approach to investors, people and generally being good global citizens. With Brookfield we found they held these important traits and even more," Mr. Burdell said. "This partnership will be good for our LPs, good for sourcing transactions and good for our people."
