I just received an IPO notice for Rockpoint Gas Storage taking place the week of October 13. As far as I can tell, Rockpoint is currently owned by Brookfiield, so they must be spinning it off. In my experience, this is fairly non-Brookfield-like move, as they are generally snapping up smaller infrastructure players. What's going on here? Is Brookfiield wanting to raise cash? Are they going to use their effective control of Rockpoint to drive down its price until they can buy it back at a profit?
gardner
Rockpoint Gas Storage IPO - spinoff from Brookfield IP?
I haven't had a chance to take a close look at the IPO. Brookfield plans to keep up to 80% of the shares so I don't see this as a big move by Brookfield. The company does a lot of acquisitions and spin offs. They did this with Brookfield Property Partners and Brookfield Office Properties. I suspect if Rockpoint doesn't do well it could be gobbled up by Brookfield Infrastructure Partners (or another Brookfield name). Brookfield has done well buying, reshuffling, and selling assets for decades. AI Infrastructure is getting a lot of attention so perhaps this move is a good one as they have made a lot of acquisitions in the past few years.
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