Shares of Teekay Corp. and Teekay Offshore Surge on Investment Deal With Brookfield Business Partners
Shares of Teekay Corporation (NYSE: TK) and Teekay Offshore Partners (NYSE: TOO) are up 12.6% and 7.4%, respectively, as of 11:15 a.m. EDT today. The jump comes after Teekay announced a transaction with Brookfield Business Partners LP (NYSE: BBU) for a stake in Teekay Offshore Partners.
It's no secret that Teekay Offshore Partners has been struggling for some time. While the company has a decent suite of assets with long-term contracts in place for its fleet of floating production, storage, and offloading (FPSO) and shuttle tanker vessels, it has struggled to access financing to pay for its newbuilds. As a result, its leverage was way too high for any company to have rightfully.
Image source: Getty Images.
Source: Fool.com
