July 27, 2017 / 3:53 AM / 4 months ago

Canadian asset manager Brookfield to buy 60 pct stake in Teekay Offshore

July 26 (Reuters) - Asset manager Brookfield Business Partners said on Wednesday it would buy 60 percent of Teekay Offshore Partners, a subsidiary of marine transportation provider Teekay Corp, for about $750 million.

Brookfield said it would invest $610 million to buy the stake in Teekay Offshore and will also acquire a $200 million loan given by Teekay Corp to Teekay Offshore.

Teekay Corp in a separate statement said, following the transaction, it would own 14 percent of Teekay Offshore. (Reporting by Ishita Palli; Editing by Sunil Nair)

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