The NYSE’s top gainers in the week ending July 28, 2017, were:
Teekay is one of the world’s largest marine energy transportation, storage, and production companies. It was the NYSE’s top gainer in the week ending July 28, 2017. Last week, there was increased buying pressure in Teekay after Brookfield Asset Management announced that it agreed to acquire 60% stake in Teekay Offshore Partners LP (TOO). Brookfield Asset Management is an asset management firm with $250 billion of assets under management. Teekay Offshore Partners is a subsidiary of Teekay. It provides oil storage and production as well as marine transportation services.
- According to the announcement by Brookfield Business Partners, $750 million is being invested by the asset management firm under the deal. Teekay will be co-investing with Brookfield in the transaction to acquire Teekay Offshore. Teekay will retain 14% of the ownership.
- According to the agreement to acquire 60% stake in Teekay Offshore Partners LP, $610 million will be invested by Brookfield on Teekay Offshore’s newly-issued common units. Also, Brookfield will acquire Teekay Offshore Partners LP’s $200 million loan, which was from Teekay.
- Brookfield agreed to acquire 49% of Teekay Offshore GP LLC. Teekay Offshore GP LLC is a general partner of Teekay and Teekay Offshore Partners. Brookfield has the option to acquire an additional 2% stake under certain conditions. After the transaction, four of Teekay Offshore GP LLC’s directors will be appointed by Brookfield.
In the week ending on July 28, 2017, Teekay rose 26.1% and Teekay Offshore Partners LP (TOO) rose 7.4%.
In the next part, we’ll discuss the NYSE’s bottom performers in the week ending July 28.