Brookfield / Oaktree Merger Approval

EUROPEAN COMMISSION DG Competition Case M.12284 - BROOKFIELD / OAKTREE Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 04/03/2026 In electronic form on the EUR-Lex website under document number 32026M12284

EUROPEAN COMMISSION Brussels, 4.3.2026 C(2026) 1618 final PUBLIC VERSION Brookfield Asset Management Ltd. 1500 Royal Centre 1055 West Georgia Street Vancouver BC V6E 4N7 Canada Subject: Case M.12284 – BROOKFIELD / OAKTREE Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 () and Article 57 of the Agreement on the European Economic Area () Dear Sir or Madam, (1) On 10 February 2026, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which Brookfield Asset Management Ltd. (Canada), controlled by Brookfield Corporation (“Brookfield”, Canada), will acquire within the meaning of Article 3(1)(b) of the Merger Regulation sole control over Oaktree Capital Group Holdings, L.P. (United States) and Oaktree Equity Plan, L.P. (United States) (together with their affiliates, “Oaktree”), by way of purchase of shares. () (2) The business activities of the undertakings concerned are the following: – Brookfield is a global investment firm, headquartered in Toronto, Canada, that offers a range of public and private investment products and services, focused on renewable power and transition, infrastructure, private equity, and real estate, – Oaktree is a global alternative and non-traditional investment management firm, headquartered in Los Angeles, United States, that invests in distressed debt, high yield bonds, convertible securities, senior loans, corporate control, real estate, emerging market equities and mezzanine finance. () OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). With effect from 1 December 2009, the Treaty on the Functioning of the European Union (‘TFEU’) has introduced certain changes, such as the replacement of ‘Community’ by ‘Union’ and ‘common market’ by ‘internal market’. The terminology of the TFEU will be used throughout this decision. () OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’). () OJ C, C/2026/1108, 18.2.2026.

(3) After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(e) of the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004. () (4) For the reasons set out in the Notice on a simplified treatment, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement. For the Commission (Signed) Linsey MCCALLUM Director-General (acting) Directorate-General for Competition () OJ C 160, 5.5.2023, p. 1 (the ‘Notice on a simplified treatment’).