Deals Buzz: Brookfield may buy controlling stake in debt-ridden Suzlon Energy
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Brookfield may buy controlling stake in debt-ridden Suzlon Energy
The Toronto-based investment firm Brookfield Asset Management Inc. may buy a majority stake in the debt-ridden renewable energy firm Suzlon Energy Ltd, Bloomberg reported citing people familiar with the matter. Brookfield, the people said, was working with a financial adviser for due diligence on the Pune-based wind turbine supplier. The asset management firm may start with buying new shares issued by the company, followed by purchasing stocks from the existing holders under an open offer. As part of the proposed deal, the Canadian company is in discussions with Suzlon’s creditors to restructure the outstanding bank loans of more than ₹11,000 crore ($1.6 billion), under a so-called one-time settlement plan.
