Brookfield Asset Management seeks to buy West Des Moines-based American Equity for $3.4 billion
June 28, 2023 by Tyler Jett
Canadian private equity firm Brookfield Asset Management is offering to buy West Des Moines-based American Equity Investment Life Holding Co. for $3.4 billion, potentially completing the investor’s transition from a life raft to a hostile partner.
Brookfield, which bought a 20% stake in American Equity three years ago to help the 800-employee Iowa fixed annuity firm stave off acquisition attempts from competitors, wants to move fast. In a Monday letter to American Equity board chair David Mulcahy, Brookfield chief investment officer Sachin Shah wrote that the company wants to close the purchase by Friday.
Wink’s Moore on Market: ME: I think I’ll go camping this weekend. What are you going to do?
HIM: “I think I’ll buy American Equity.”
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So says Sachin Shah of Brookfield Asset Management.
Looks like they are hoping for a quick turnaround from the AEL board.
Can Brookfield succeed where suitors like MassMutual, Athene, and Elliott Investment Management have failed?
Seems like there’s some drama there. Real Housewives of Des Moines-type stuff.
You’re on the board and we’re friendly…
Now- you’re not and we’re not.
I don’t know about you all, but it sounds like Brookfield thinks this is in the bag.
T minus two days. Then, we shall see. -sjm
