Brookfield wins approval to list 25% stake of its asset management division. Credit: InspiredImages from Pixabay.

Canada’s Brookfield has secured an approval from its board of directors to publicly list and distribute 25% of interest in its asset management unit.

The move, which was announced in May this year, will be carried out through Brookfield Asset Management.

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In accordance with the approval, Brookfield has reached an arrangement agreement to implement the newly approved transaction.

The agreement awaits fulfilment of certain conditions including shareholder approval, among others.

Following the completion of the deal, Brookfield and its asset management unit will own 75% and 25% of stakes in the company’s asset management business, respectively.

Brookfield will be divided into two publicly traded firms, corporation, and manager.

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The corporation will be formed after renaming Brookfield Asset Management to Brookfield, while the manager will include the owners of Brookfield’s class A limited voting shares, class B limited voting shares and Series 8 and 9 class A preference shares.

In addition, Brookfield’s Class A Shares will trade on both New York Stock Exchange (NYSE) and Toronto Stock Exchange (TSX) under a new ticker symbol, BN, stated the firm.

Brookfield Asset Management’s class A limited voting shares are set to trade on both these exchanges under the ticker symbol, BAM.

Furthermore, Brookfield, its asset management unit and some other affiliated entities will reach deals to maintain mutual benefits and competitive advantages once the arrangement agreement is implemented, added the company.