Teekay Offshore Partners announces completion of its acquisition by Brookfield

Source: press release, 23 January 2020

photo: Teekay Group
photo: Teekay Group

Teekay Offshore Partners L.P. (the Partnership) has announced that, effective January 22, 2020, Brookfield Business Partners L.P., together with certain of its affiliates and institutional partners (collectively, the Brookfield Consortium), has completed its acquisition by merger of all of the outstanding publicly held and listed common units representing limited partner interests of the Partnership (common units) held by parties other than the Brookfield Consortium (unaffiliated unitholders) pursuant to the agreement and plan of merger among the Partnership, Teekay Offshore GP L.L.C. (TOO GP), the general partner of the Partnership, and certain members of the Brookfield Consortium.

The Partnership also announced certain changes to the board of directors and that following the closing of the merger and the completion of the Partnership’s separation from Teekay Corporation, the Partnership plans to change its name to Altera Infrastructure L.P. and to rebrand its consolidated group of companies under the new umbrella of Altera Infrastructure.

The intention is to start going live with this branding transition from March 24, 2020 and additional details on the effective date of the Partnership’s change of name will be communicated in due course.

Ingvild Sæther, Group CEO, comments, “This combination of corporate actions marks a new, exciting chapter for the Partnership. We are establishing a global energy infrastructure services company that will create long term value for its stakeholders. Upholding our uncompromised commitment to operational excellence and safety, we will be relentless in our pursuit of opportunities that lead to strong results and lower emissions. The innovation of the E-shuttle tankers is evidence of the Partnership’s ability and willingness to take a leading role as the industry is moving towards a more sustainable future.”