Brookfield Business Partners to Acquire La Trobe Financial

BROOKFIELD, NEWS, March 18, 2022 (GLOBE NEWSWIRE) — Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN) and Brookfield Business Corporation (NYSE, TSX: BBUC) (collectively “Brookfield Business Partners”) together with institutional partners (collectively “Brookfield”) today announced an agreement to acquire La Trobe Financial (“La Trobe”), a leading Australian non-bank lender and asset manager, for approximately $1.1 billion including a contingent payment tied to the business achieving certain performance milestones.

Founded in 1952, La Trobe Financial is a prominent Australian diversified credit asset manager with more than A$13 billion in assets under management. La Trobe manages fixed income credit funds on behalf of more than 50,000 qualified retail investors, primarily in residential property-backed loans. It also plays a critical role in the Australian real estate credit market by financing loans to high-quality borrowers.

“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,” said Len Chersky, Managing Partner, Brookfield Business Partners. “We intend to invest in La Trobe Financial to support its growth and look forward to building on the business’ foundation of continuous growth and profitability.”

Investment Highlights

• Established track record. La Trobe has over A$13 billion in assets under…