Combination Registration No. C-2026/04/1415, Brookfield Asset Management Ltd., Brookfield Wealth Solutions Ltd. (‘BWS’), Atlas Top Sub I Splitter LP, Exchange LP, Oaktree Capital Group Holdings, L.P. (‘OCGH’), and Oaktree Equity Plan, L.P. (‘OEP’)
Proposed Transaction
Brookfield is a global investment firm active across asset management, renewable power and transition, infrastructure, private equity, and other sectors. Oaktree is a global alternative investment management firm. Oaktree’s principal investment focus is on corporate credit strategies. BWS, an investment-led insurance organisation, has no presence or operations in India.
Prior to the proposed transaction, Brookfield had approximately 74% economic interests and approximately 22% voting interests in the Oaktree Operating Companies, together with joint control of their general partners. Post the proposed transaction, Brookfield would acquire the remaining interests in OCGH and OEP, increasing its economic and voting interests to 100% and moving from joint to sole control.
CCI Findings
Horizontal Overlaps: The CCI identified overlaps in asset management services, including the segments for retail and institutional clients, and the private equity investments segment. It also identified an overlap in dry leasing of aircraft between Castlelake Aviation and Oaktree’s Azorra Aviation. Combined and incremental market shares were in the [0-5]% range in the market of asset management services in India and its segments, and in the dry leasing market.
Vertical Overlaps: The CCI examined two potential linkages. Firstly, Oaktree, through Antelopus Selan Energy Limited is active in natural gas production upstream, and Brookfield, through Pipeline Infrastructure Limited is active in gas transportation downstream. Both shares were in the [0-5]% range. Secondly, Brookfield, through Trimco Group supplies brand identity solutions upstream, and Oaktree affiliates, including Fitness First, Curefit, and Cultsport operate downstream in apparel, footwear, and accessories, including fitness apparel. Both shares were also in the [0-5]% range. The CCI found no ability or incentive to foreclose, left market delineation open, and approved the combination under Section 31(1) of the Act.
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