Brookfield Infrastructure announces unit split and automatic purchase plan
Brookfield Infrastructure Partners and Brookfield Infrastructure Corporation jointly announced that Brookfield Infrastructure has completed the previously announced creation of BIPC.
The transaction was similar to a unit split, as the transaction did not result in any underlying change to aggregate cash flows or net asset value except for the adjustment for the number of units/shares outstanding, according to the company.
“We are excited to be launching this new offering to investors, providing an alternative way to access our globally diversified portfolio of high-quality infrastructure assets,” said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure.
“We see many potential benefits in establishing BIPC, including expanding our investor base, broader index inclusion and tax advantages for some investors.”
BIP unitholders now own approximately 32,800,000 Shares, or 70.4% of BIPC’s issued and outstanding Shares, with Brookfield Asset Management Inc. and its affiliates holding 29.6% of the remaining Shares.
For beneficial unitholders who hold their BIP units in an account with a broker or other intermediary, their account will be automatically updated to reflect the receipt of the Shares.
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Brookfield Infrastructure Partners also announced that has entered into an automatic purchase plan with its designated broker, in connection with its previously announced normal course issuer bid.
The automatic purchase plan is set to allow for the purchase of Brookfield Infrastructure’s outstanding limited partnership units, at times when Brookfield Infrastructure ordinarily would not be active in the market.
The company revealed that outside of these periods, LP Units will be repurchased in accordance with management’s discretion and in compliance with applicable law.
The actual number of LP Units purchased under the automatic plan, the timing of such purchases and the price at which LP Units are purchased will depend upon future market conditions.
Brookfield Infrastructure owns and operates assets in the utilities and data infrastructure sector across North and South America, Asia Pacific and Europe.
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