July 27, 2017 / 3:17 AM / 2 months ago

BRIEF-Brookfield business partners to acquire 60 pct of Teekay Offshore Partners

July 26 (Reuters) - Brookfield Business Partners Lp

* Brookfield business partners to acquire 60% of teekay offshore partners l.p.

* Total investment is expected to be approximately $750 million

* Brookfield business partners LP says Brookfield will invest $610 million for newly-issued common units of Teekay offshore and will acquire a $200 million loan to Teekay offshore

* Brookfield business partners LP says upon closing of transaction, Brookfield will appoint four of nine directors to board of too gp.

* Teekay corporation will be co-investing alongside Brookfield and will retain a 14% ownership of Teekay offshore

* Brookfield will also acquire 49% of teekay offshore GP L.L.C.

* Brookfield business partners LP says closing of transaction is expected to occur in q3 of 2017

* Teekay corporation will continue to hold 51pct of too gp

* Brookfield has option to acquire an additional 2% of too gp subject to satisfaction of certain conditions. Source text for Eikon: Further company coverage:

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