PE Deals

Brookfield’s reinsurance arm proposes to buy American Equity

Brookfield Reinsurance offered to acquire all outstanding shares in American Equity that it does not already own for $55.00 per share.

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  • American Equity Investment Life Holding Company is an annuity and life insurance products company
  • The proposed deal reflects a mix of cash and stock
  • Brookfield Reinsurance is a holding company that owns and operates a growing global insurance and reinsurance platform

American Equity Investment Life Holding Company, a West Des Moines, Iowa-based annuity and life insurance products company, has received an acquisition proposal from Brookfield Reinsurance, an affiliate of Brookfield Asset Management.

According to a statement from American Equity, Brookfield Reinsurance offered to acquire all outstanding shares of the company that it does not already own for $55.00 per share. The proposed deal reflects a mix of cash and stock.

American Equity’s board has granted Brookfield Reinsurance a limited waiver of its standstill obligation under an existing investment agreement with the company to permit Brookfield Reinsurance to make this proposal.

Based in Toronto, Brookfield Reinsurance is a publicly traded holding company that owns and operates a growing global insurance and reinsurance platform.

Ardea Partners and JP Morgan are serving as financial advisors to AEL and Sullivan & Cromwell is serving as legal advisor.