Press release from the Competition Council regarding the economic concentration project concerning the indirect exclusive takeover of the ‘Oaktree’ group by ‘Brookfield Corporation’

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘operation summary’ below, containing information provided by the parties.

This information was prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups involved:

• The direct acquirer: The company ‘Acquisition Z (2026) LP’;
• The indirect acquirer: The company ‘Brookfield Corporation’;
• The target: The group ‘Oaktree’.

Nature of the operation

• Exclusive takeover.

Economic sectors concerned

• Asset management services.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e., March 23, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration project concerning the indirect acquisition by ‘Brookfield Corporation’ of the exclusive control of the ‘Oaktree’ group.

‘Brookfield Corporation’ is the parent company of a global investment group that deploys discretionary capital pools globally on behalf of investors in its core activities, including asset management and operational activities. Its investments focus primarily on renewable energies and energy transition, infrastructure, private equity, and real estate.

‘Oaktree’ is a global group specializing in alternative and non-traditional investment management, emphasizing an opportunistic, value-oriented approach and risk control for investments in distressed debt, high-yield bonds, convertible securities, senior loans, corporate takeovers, real estate, emerging market equities, and mezzanine financing. The ‘Oaktree’ group includes:

• the Oaktree operating entities, which are the main targets of this operation (Oaktree Capital I, L.P., Oaktree Capital Management (Cayman), L.P., Oaktree Capital II, L.P., Oaktree AIF Investments, L.P., Oaktree Capital Management, L.P., and Oaktree Investment Holdings, L.P., collectively referred to as the ‘Oaktree Operating Entities’);
• the general partners of the Oaktree Operating Entities (Oaktree Holding Ltd. (Cayman); Oaktree Capital GP, LLC (United States); Oaktree Investment Holdings GP, LLC (United States); Oaktree Investments GP, LLC (United States); Oaktree Management GP, LLC (United States); and Oaktree Capital II GP, LLC (United States));
• Brookfield Oaktree Holdings, LLC and Oaktree Capital Holdings, LLC.

 

Done in Rabat, March 12, 2026