Hamilton, Bermuda - May 20, 2019
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it has received an unsolicited non-binding proposal from Brookfield Business Partners L.P. and certain of its affiliates and institutional partners (collectively, the Brookfield Consortium) for the attention of the Conflicts Committee (the Conflicts Committee) of the Board of Directors of Teekay Offshore GP LLC, pursuant to which the Brookfield Consortium would acquire all of the issued and outstanding publicly held common units representing limited partnership interests of the Partnership that the Brookfield Consortium does not already own in exchange for $1.05 in cash per common unit.
Teekay Offshore’s Conflicts Committee or a separate Special Committee appointed for these purposes, in each case consisting only of non-Brookfield affiliated Teekay Offshore Directors, will retain advisors and evaluate the proposed offer on behalf of the owners of the non-Brookfield owned limited partnership interests.
The proposed transaction is subject to a number of contingencies, including the approval of the Conflicts or Special Committee and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction. There can be no assurance that definitive documentation will be executed or that any transaction will materialize on the terms described above or at all.
About Teekay Offshore
Teekay Offshore Partners L.P. is a leading international midstream services provider to the offshore oil production industry, primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore has consolidated assets of approximately $5.2 billion, comprised of 57 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers (including six newbuildings), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels, and a unit for maintenance and safety (UMS). The majority of Teekay Offshore’s fleet is employed on medium-term, stable contracts.
Teekay Offshore's common units and preferred units trade on the New York Stock Exchange under the symbols "TOO", "TOO PR A", "TOO PR B" and “TOO PR E”, respectively.
Teekay Offshore Partners L.P. press release