Canadian partnership Brookfield Business Partners LP (NYSE:BBU) will buy the remaining holdings of TeeKay Corp. (NYSE:TK) in TeeKay Offshore Partners (NYSE:TOO). BBU is a unit of huge asset manager Brookfield.
TOO has 3 high yield preferred unit issues outstanding and they trade in the area of $18.80 to $21/share.
NOTE that this is not a buyout of TOO, but is a sale of the holdings of TeeKay Corp in TOO.
The details of the deal are thin at this moment, but it likely means good things for the preferred issues since TeeKay Offshore has had a rocky financial history. With Brookfield in the game the financials should become much less tenuous.