December 1, 2007
Kelley Drye successfully represented KG Redding, LLC during its acquisition by Brookfield Asset Management, Inc.(BAM). The deal included $80 million Class A limited voting shares of Brookfield and cash and contingent consideration based upon future performance up to a maximum of $80 million.
Based in Chicago, KG Redding is an investment manager of North American and global real estate securities with more than $6 billion in assets under management. Formed in 2001 by Chief Executive Officer Kim Redding, who has more than 20 years experience in managing listed real estate securities, it has a select group of institutional clients and an experienced team of investment professionals. Brookfield Asset Management, Inc. (NYSE: BAM) is a publicly traded Canadian corporation, with shares dually listed on both the New York Stock Exchange and Toronto Stock Exchange.
The transaction was structured as a partially tax-free reorganization and was further complicated by KG Redding being partially-owned by an Employee Stock Ownership Plan. The transaction was further complicated because a portion of the consideration was unregistered shares of BAM.
The transaction team included Partners Tim Lavender, Andrew Pillsbury and Elisheva Teitz; along with Special Counsel Pam Kaplan; and Associates Andrew Lee and Jennifer Norkus.