Global asset manager Brookfield has announced an agreement to acquires Australian non-bank lender and asset manager, La Trobe Financial, from Blackstone and CEO Greg O’Neill for a headline valuation of $1.5 billion, including a contingent payment tied to the business achieving certain performance milestones.
La Trobe Financial boasts more that $13 billion in assets under management (AUM).
Commenting on the acquisition, Brookfield private equity managing partner Len Chersky said: “We are pleased to expand our presence in Australia with the acquisition of La Trobe Financial, one of Australia’s leading mortgage originators and asset managers.
“We intend to invest in La Trobe Financial to support its growth and look forward to building on the business’s foundation of continuous growth and profitability.”
Mr O’Neill, the 37-year career veteran acknowledged as the key architect of the business’s growth, said that the business is being delivered into strong hands for its future.
“We remain very proud of the continued discipline and development of the business following my partnership with Blackstone over the past years,” the CEO said.
“The consolidation of La Trobe Financial’s attractive value proposition to both borrowers and investors, through our service philosophy of “others before self”, remains a great source of pride for all staff.”
The transaction is subject to customary closing conditions and regulatory approvals. Closing is expected in the second quarter of 2022.
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