Brookfield Infrastructure Partners L.P. Buyback
OLI recorded this information on 11/7/2018
Company:
Brookfield Infrastructure Partners L.P.
Buyback:
BIP buyback
Share Amount Authorized:
13,843,928
Buyback Details:
Brookfield Infrastructure Partners L.P. ("Brookfield Infrastructure") (NYSE:BIP) today announced that the Toronto Stock Exchange (the "TSX") accepted a notice filed by Brookfield Infrastructure of its intention to renew its normal course issuer bid for its outstanding limited partnership units ("LP Units") and its class A preferred limited partnership units ("Preferred Units", together with the LP Units, "Units"). Brookfield Infrastructure believes that in the event that the Units trade in a price range that does not fully reflect their value, the acquisition of Units may represent an attractive use of available funds. Under the normal course issuer bid, the Board of Directors of the general partner of Brookfield Infrastructure authorized Brookfield Infrastructure to repurchase up to 5% of the issued and outstanding LP Units, or 13,843,928 LP Units. At the close of business on October 31, 2018, there were 276,878,576 LP Units issued and outstanding. Under the normal course issuer bid, Brookfield Infrastructure may purchase up to 45,442 LP Units on the TSX during any trading day, which represents 25% of the average daily trading volume of 181,768 LP Units on the TSX for the six months ended October 31, 2018, calculated in accordance with the rules of the TSX.
Brookfield Infrastructure Partners owns and operates assets in the utilities, transport, midstream and data sectors. Co.'s utilities segment is comprised of businesses from which it earns a return on a regulated or notionally stipulated asset base. These include regulated transmission (natural gas and electricity) and commercial and residential distribution (electricity, district energy and natural gas connections) operations. Co.'s transport segment is comprised of infrastructure assets that provide transportation, storage and handling services merchandise goods, commodities and passengers. This operating segment is comprised of businesses, such as Co.'s rail and toll road operations.
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Avg. Broker Rec.
 
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Buy (3.44 out of 4) 54th percentile
(ranked higher than approx. 54% of all stocks covered)
Analysts' Target Price: BIP Stock Forecast Based on Zacks ABR data; powered by Xignite |
