Canadian investment firm Brookfield on Wednesday agreed to buy the remaining stake in American Equity Investment Life Holding that it did not already own, valuing the long-sought-after annuities provider at $4.3 billion.
The offer from Brookfield's reinsurance arm comes months after AEL rejected a nearly $4 billion bid from Elliott Investment Management-backed insurance firm Prosperity Life, saying it "significantly undervalued" the company.The cash-and-stock offer of $55 per share was
"Given the complementary nature of AEL's leading fixed annuity business to our existing platform, we expect to accelerate growth," said Jon Bayer, managing partner at Brookfield Reinsurance. "AEL is likely to become more competitive on pricing new business within the FIA market, which should improve its overall level of net flows," said Evercore ISI analysts.
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Brookfield Reinsurance to acquire remaining shares of AEL in $4.3 billion cash-and-stock dealBrookfield Reinsurance Ltd. has agreed to acquire the shares of American Equity Investment Life Holding Co. or AEL, it does not already own in a...
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