Brookfield Business Partners to Acquire La Trobe Financial

BROOKFIELD, NEWS, March 18, 2022 (GLOBE NEWSWIRE) — Brookfield Business Partners LP (NYSE: BBU; TSX: BBU.UN) and Brookfield Business Corporation (NYSE, TSX: BBUC) (collectively “Brookfield Business Partners”) 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 including a conditional payment linked to the achievement of certain performance milestones by the company.

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

“We are delighted 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 company’s foundation for continued growth and profitability.”

Investment Highlights

  • An established track record. La Trobe has over A$13 billion in assets under management and a track record of 70 years of growth and profitability that has proven highly resilient to economic and real estate cycles.
  • Strong competitive advantage. The company’s integrated residential mortgage lending and high net worth distribution network results in stable long-term earnings and consistently high returns on capital.
  • Favorable market opportunity. La Trobe plays an important role in providing credit to a growing proportion of high-quality borrowers, such as business owners, recent immigrants and others who need specialized underwriting expertise. The company’s integrated asset management model provides a structural capital advantage to serve these customers.
  • Value creation potential. La Trobe’s large distribution footprint and recurring investor inflows provide opportunities to further expand and diversify its product platform.


Brookfield’s initial investment will be funded by approximately $765 million in equity, of which Brookfield Business Partners intends to invest approximately $250 million, and the balance by institutional partners. Before or after closing, a portion of Brookfield Business Partners’ engagement may be syndicated to other institutional investors.

Transactional process

The transaction is subject to customary closing conditions and regulatory approvals, including approval from Australia’s Foreign Investment Review Board. Closing is expected in the second quarter of 2022.

Brookfield Business Partners is a global business services and industries company focused on owning and operating high-quality businesses that provide essential products and services and enjoy a strong competitive position. Investors have the option of investing in our company either through Brookfield Business Partners LP (NYSE: BBU; TSX: BBU.UN), a limited partnership, or through Brookfield Business Corporation (NYSE, TSX: BBUC) , a society. For more information, please visit

Brookfield Business Partners is the publicly traded flagship vehicle of Brookfield Asset Management’s private equity group. Brookfield Asset Management is a leading global alternative asset manager with approximately $690 billion in assets under management. More information is available at

For more information please contact:


Note: This press release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and United States securities laws. Forward-looking statements include statements that are predictive in nature, depend on or refer to future events or conditions, include statements regarding operations, activities, financial condition, expected financial results, performance, prospects, opportunities, Brookfield Business Partners’ priorities, targets, objectives, objectives, strategies and outlook, as well as the outlook for North American and international economies for the current fiscal year and beyond, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “plans” or negative versions of these -ci and other similar expressions, or future or conditional verbs such as “may”, “shall”, “should”, “would”, and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by forward-looking statements and information are based on reasonable assumptions and expectations, readers should not place undue reliance on forward-looking statements and information, as they involve known information and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from the results, performance or achievements anticipated future expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by the forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we operate; including as a result of the ongoing novel coronavirus (SARS-CoV-2) pandemic, including all variants of SARS-CoV-2 (collectively, “COVID-19”); the behavior of financial markets, including interest rate and currency exchange rate fluctuations; global equity and capital markets and the availability of equity and debt financing and refinancing in such markets; strategic actions, including provisions; the ability to effectively complete and integrate acquisitions into existing operations and the ability to achieve expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to adequately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulations and laws in the countries in which we operate; government investigations; litigation; changes in tax laws; ability to collect amounts due; catastrophic events, such as earthquakes; hurricanes and pandemics/epidemics; the possible impact of international conflicts and other developments, including acts of terrorism and cyberterrorism; and other risks and factors detailed from time to time in our filings with securities authorities in Canada and the United States.

In addition, our future results may be affected by various government-imposed economic restrictions resulting from the ongoing COVID-19 pandemic and related global reduction in trade and travel and substantial stock market volatility around the world, which may negatively impact our revenues, affect our ability to identify and complete future transactions, impact our liquidity position and result in reduced cash flows and impairments and/or revaluations on our investments and assets , and therefore we may be unable to achieve our expected returns. See “Risks Associated with the COVID-19 Pandemic” in the “Risk Factors” section included in our MD&A on Financial Condition and Results of Operations in our Form 20-F for the year ended December 31 2020.

We draw your attention to the fact that the foregoing list of important factors that could affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors as well as other uncertainties and potential events. Except as required by law, Brookfield Business Partners undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, which may arise as a result of new information, future events or otherwise.

Back To Top