Brookfield to buy Australia's La Trobe Financial from Blackstone

Canada's Brookfield Asset Management will acquire Australian asset management and lending firm La Trobe Financial from Blackstone for A$1.5 billion ($1.1 billion). It is reported by Bloomberg.

The purchase of La Trobe Financial signaled the expansion of Brookfield in Australia. Prior to this, the company was mainly focused on transactions in Asia and Europe. The deal is expected to close in the second quarter.

Last year, the Australian company had a sale or IPO opportunity that could have valued La Trobe Financial at more than $2 billion Australian dollars.

La Trobe Financial was founded in 1952. Assets under management of the company amount to $13 billion Australian dollars.

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