Brookfield to acquire a 20% stake in American Equity Investment Life.

Brookfield agreed to acquire a 20% stake in American Equity Investment Life, a retirement planning annuity provider. Brookfield will acquire a 19.9% ownership interest in the common shares of AEL in two stages: an initial purchase of a 9.9% interest at $37 per share promptly following required regulatory approval, and a second purchase of an incremental 10.0% interest, at the greater value of $37 per share or adjusted book value per share. Brookfield will reinsure up to $10bn in annuity liabilities, including an initial $5bn of existing liabilities and up to an incremental $5bn of future business when written. "This transaction represents a meaningful investment for us in the attractive US insurance market and we believe our alternative asset strategies can deliver long-term value to the company. We look forward to supporting American Equity in advancing its AEL 2.0 strategy which is well-positioned to create value for all stakeholders,” Sachin Shah, Brookfield Chief Investment Officer.