Brookfield Corporation, Brookfield Wealth Solutions Boards Approve Corporate Simplification Plan
Brookfield Corporation (BN.TO) and Brookfield Wealth Solutions (BWS) after trade Tuesday said their boards have approved the plan to simplify their corporate structure by combining under one publicly traded company, Brookfield Corporation Ltd.The new company will trade on the New York and Toronto exchanges under the symbol "BN," they added.Under the deal, all BN class A limited voting shares and BWS class A exchangeable limited voting shares will be exchanged on a one-for-one basis for shares in the new company. The transaction will be completed through a court-approved plan of arrangement and will require approval from shareholders of both BN and BWS and is set to be completed on a tax-deferred basis for U.S. and Canadian shareholders."Management information circulars of BN and BWS will be filed with applicable securities regulators, providing full details of the transaction and the matters contemplated therein will be voted on at the 2026 annual general meetings of BN and BWS, both to be held on July 16 as approved by the TSX," the companies said.After the transaction is completed, Brookfield Corporation Ltd. is expected to pay a quarterly distribution equal to the current distributions paid by BN and BWS. The deal remains subject to customary conditions and regulatory approvals and is expected to close by the end of the year.