brookfield reinsurance ltd bnre entered into a definitive agreement to acquire all of the outstanding shares of common stock of american equity investment life holding ael in cash and stock for 43 billion ael shareholders will receive 5500 per ael share consisting of 3885 in cash and 049707 of a brookfield asset management ltd bam having a value equal to 1615 the proposal represents a premium of 35 to the closing price as of june 23 2023 and a 42 premium to the 90day volumeweighted average price for the ael shares with this transaction we have now deployed or committed over 10 billion of capital since our inception bringing our total insurance assets to over 100 billion and we remain on track with our growth targets for the business commented sachin shah chief executive officer of brookfield reinsurance given the complementary nature of aels leading fixed annuity business to bnres existing platform the company expects to accelerate growth in collaboration with distribution partners and employees while continuing to meet the needs of its policyholders and other stakeholders brookfield reinsurance intends to continue aels focus on alternative asset strategies and expects bam will manage a significant portion of aels assets brookfield reinsurance intends to acquire from brookfield corporation bn the shares required to satisfy the noncash payment promised to ael shareholders this will increase bams public float by 10 while bnres stake in bam will decrease from 75 to 73 the merger is expected to be completed in the first half of 2024 with ael shares being delisted from the nyse and shares of aels series a noncumulative preferred stock aelpra and series b preferred stock aelprb will remain listed on the new york stock exchange ael also agreed to suspend the payment of dividends on its common stock through the closing of the transaction price action ael shares are trading higher by 153 at 5254 on the last check wednesday