Brookfield Reinsurance signs deal for American Equity Investment Life Holding Co.

Brookfield Reinsurance has signed a deal to buy the part of American Equity Investment Life Holding Co. (AEL) that it does not already own in a cash-and-stock transaction that values the company at about US$4.3 billion.

The deal will see AEL shareholders receive US$55 per share, including US$38.85 in cash and 0.49707 of a Brookfield Asset Management Ltd. class A limited voting share.

Brookfield Reinsurance will acquire the Brookfield Asset Management (BAM) shares required to pay the non-cash portion of the offer from Brookfield Corp. 

The transaction will reduce Brookfield Corp.'s stake in BAM to about 73 per cent from 75 per cent.