Brookfield Infrastructure Partners
{{Short description|Canadian infrastructure management company}}
{{Infobox company
| name = Brookfield Infrastructure Partners L.P.
| logo = Brookfield Asset Management logo.svg
| type = Public
| traded_as = {{NYSE|BIP}}
{{TSX|BIP.UN}}
{{NYSE|BIPC}}
{{TSX|BIPC}}
| foundation = {{Start date and age|2008|01|14}}
| location_city = Toronto, Ontario
| location_country = Canada
| area_served = Worldwide
| key_people = Sam Pollock (CEO)
| industry = Infrastructure asset management
| products = Utilities, transport, energy, communications, infrastructure
| production =
| services =
| revenue = {{increase}} US$21 billion (2024){{cite web |title=Brookfield Infrastructure Partners L.P. Q4 Supplemental Information |url=https://bip.brookfield.com/sites/bip-brookfield-ir/files/Brookfield-BIP-IR-V2/2024/Q4/bip-supplemental-information-q4-2024.pdf |date=31 December 2024}}
| operating_income =
| net_income =
| aum =
| assets = {{increase}} US$36.916 billion (2024)
| equity =
| owner = Brookfield Asset Management (30%)
| num_employees =
| parent =
| divisions =
| subsid =
| homepage = {{URL|https://bip.brookfield.com}}
}}
Brookfield Infrastructure Partners L.P. is a publicly traded limited partnership with corporate headquarters in Toronto, Canada, that engages in the acquisition and management of infrastructure assets on a global basis.
Until a spin-off in January 2008, Brookfield Infrastructure was an operating unit of Brookfield Asset Management, which retains a 30 percent ownership and acts as the partnership's general manager.{{Cite news|url=http://www.valuewalk.com/2017/03/brookfield-infrastructure-partners-bip-a-high-yield-fast-growing-utility/|title=Brookfield Infrastructure Partners (BIP): A High-Yield, Fast-Growing Utility|date=2017-03-13|work=ValueWalk|access-date=2017-05-14|language=en-US}} The company's assets carried a book value of US$21.3 billion, on December 31, 2016.{{Cite web|url=https://bip.brookfield.com/~/media/Files/B/Brookfield-BIP-IR/Brookfield%20Infrastructure%20Partners%2020-F%20Clean%20No%20Banner.pdf|title=2016 Brookfield Infrastructure Annual Report|last=|first=|date=31 December 2016|website=|archive-url=|archive-date=|access-date=14 May 2017}}
In March 2020, Brookfield Infrastructure Partners (BIP) created Brookfield Infrastructure Corporation (BIPC), an entity that provides certain institutional investors who cannot hold a Bermuda-based Limited Partnership the ability to access the portfolio of BIP assets. In addition, by issuing eligible dividends rather than partnership distributions, BIP felt that BIPC would provide a more attractive and favourable tax treatment for retail investors.{{Cite web |title=Questions and answers regarding the special distribution of Brookfield Infrastructure Corporation shares|url=https://otp.tools.investis.com/clients/us/brook_bipc/SEC/sec-show.aspx?Type=html&FilingId=13738871&CIK=0001788348&Index=10000#D795759DF1A_HTM_ROM795759_2|website=SEDAR|date=November 13, 2019|language=en}} BIPC began trading on the Toronto and New York Stock Exchanges on March 31, 2020.
Brookfield Infrastructure Partners owns and operates a global network of infrastructure companies in utilities, transportation, energy and communications infrastructure. It invests in transmission and telecommunication lines, toll roads, ports and pipelines. The company has an equity market capitalization of about US$17.7 billion with an investment-return target of 12 to 15 percent.{{cite web |title=2017 Annual Report |url=https://bip.brookfield.com/~/media/Files/B/Brookfield-BIP-IR/Copy%20of%20BIP%202017%2020-F.pdf |publisher=Brookfield |accessdate=27 June 2018 |date=31 December 2017}}{{Cite web|url=http://ieefa.org/wp-content/uploads/2017/02/Making-the-Case-for-Investment-in-Renewable-Energy-Infrastructure_February-2017.pdf|title=Making the case for Norwegian Sovereign wealth fund investment in renewable energy infrastructure.|last1=Sanzillo|first1=Tom|last2=Chung|first2=Yulanda|date=February 2017|website=IEEFA.org|publisher=Institute for Energy Economics and Financial Analysis|archive-url=|archive-date=|access-date=14 May 2017|last3=Buckley|first3=Tim}} Its annualized total returns since inception have been 18% on the NYSE and 26% on the TSX.
Sam Pollock is the chief executive officer of Brookfield Infrastructure Partners.{{Cite web|url=https://www.reuters.com/finance/stocks/officerProfile?symbol=BIP.N&officerId=1723088|title=Stock Quotes & Company News|website=Reuters|language=en-US|access-date=2017-05-14}} He has held this position since 2006, and has been with Brookfield Asset Management since 1994.{{cite web|title=Our Manager|url=http://www.brookfieldinfrastructure.com/content/about_us/our_manager-29697.html|publisher=Brookfield Infrastructure Partners|accessdate=12 April 2016|archive-date=21 March 2016|archive-url=https://web.archive.org/web/20160321223916/http://www.brookfieldinfrastructure.com/content/about_us/our_manager-29697.html|url-status=dead}}
Operations
After the spin-off from Brookfield Asset Management, Brookfield Infrastructure operated timber properties and electricity transmission lines. In September 2008, the company announced it would expand and diversify its global operations by buying infrastructure holdings from distressed Babcock & Brown, thus adding approximately US$8 billion of assets under management.{{cite web|title=Brookfield Asset Management and Brookfield Infrastructure Partners Completes Recapitalization of Babcock & Brown Infrastructure|url=http://www.marketwire.com/press-release/Brookfield-Asset-Management-Brookfield-Infrastructure-Partners-Completes-Recapitalization-NYSE-BIP-1079928.htm|publisher=Marketwire|accessdate=22 July 2010}}{{cite news|title=Babcock & Brown Infrastructure Sets Plan |url=https://www.wsj.com/articles/SB125503117248074135|accessdate=22 July 2010|newspaper=The Wall Street Journal | first=Bill | last=Lindsay | date=9 October 2009}}
In 2010 the company completed a merger with Australian company [http://www.primeinfrastructure.com/ Prime Infrastructure] in which it held a minority interest.{{Cite news|url=http://finance.yahoo.com/news/Brookfield-Infrastructure-iw-1372348680.html|title=Brookfield Infrastructure Announces Closing of Merger With Prime Infrastructure and Implementation of Normal Course Issuer Bid|access-date=2017-05-14|language=en-US}}
In 2012, the company participated in a joint venture with Spain's Abertis Infraestructuras to purchase 60 percent of toll operator Obrascon Huarte Lain Brasil in a deal valued at US$1.7 billion.{{Cite news|url=http://business.financialpost.com/investing/brookfield-infrastructure-to-buy-major-stake-in-brazilian-highway-toll-company|title=Brookfield Infrastructure bets on Brazil|work=Financial Post|access-date=2017-05-15|language=en}}
Also in 2012, the company and its partners agreed to acquire the remaining 45% of the AVN toll road in Chile for a total purchase price of $590-million, after making an initial investment in 2011.{{Cite news|url=https://www.theglobeandmail.com/report-on-business/streetwise/brookfield-infrastructure-retooling-its-portfolio/article4451732/|title=Brookfield Infrastructure retooling its portfolio|work=The Globe and Mail|access-date=2017-05-15|language=en-ca}}
In 2014, the company and its investment partners agreed to acquire 50% of the French telecommunications units of TDF for $2.2 billion.{{Cite news|url=https://www.reuters.com/article/tdf-brookfield-infr-ma-idUSL6N0SW4KZ20141106|title=Canada's Brookfield buys 50 pct of TDF's French unit|date=2017-11-06|work=Reuters|access-date=2017-05-15}}
In 2016, the company announced agreements with Qube Holdings and other investment partners to buy the port assets of Asciano Limited, an Australian rail and port operator, for US $6.55 billion, (A$8.9 billion).{{Cite web |last=Wells |first=Peter |date=2016-03-14 |title=Qube and Brookfield consortium snare Asciano |url=https://www.ft.com/content/f40e1c90-64b5-366a-b26e-66a2a5c24fe4 |access-date=2017-05-15 |website=Financial Times |language=en-GB}} The container port assets remained under the Patrick brand in a joint venture with Qube, while the bulk and automotive port services assets rebranded to Linx Cargo Care Group under a Brookfield-led consortium of investment partners. That same year, the company also announced that it and its investment partners would acquire a 90% stake in a Brazilian natural gas pipeline from Petroleo Brasileiro SA for US $5.2 billion.{{Cite news|url=http://www.bnn.ca/brookfield-led-group-buys-stake-in-petrobras-s-nts-for-us-5-2b-1.572177|title=Brookfield-led group buys stake in Petrobras's NTS for US$5.2B - Article - BNN|date=2016-09-23|work=BNN|access-date=2017-05-15}}
The company made over $2 billion of new investments in 2016, including its first ventures into businesses in Peru and India. The company also invested in organic projects valued at $850 million, growing the size of its utilities rate base, road and rail networks and energy systems.{{Cite news|url=http://seekingalpha.com/article/4046443-brookfield-infrastructure-partners-firing-cylinders|title=Brookfield Infrastructure Partners Firing On All Cylinders|last=Lawlor|first=John|date=2017-02-15|work=Seeking Alpha|access-date=2017-05-15|language=en-US}}{{Cite news|url=https://www.fool.com/investing/2017/02/01/energy-acquisitions-fuel-brookfield-infrastructure.aspx|title=Energy Acquisitions Fuel Brookfield Infrastructure Partners L.P.'s Fourth-Quarter Results -- The Motley Fool|last=DiLallo|first=Matthew|date=2017-05-15|work=The Motley Fool|access-date=2017-05-15|language=en}}
In 2022, the company announced an initiative with Intel to jointly invest up to $30 billion at a chip manufacturing plant in Chandler, Arizona.{{Cite web |title=Intel Introduces First-of-its-Kind Semiconductor Co-Investment Program |url=https://www.intel.com/content/www/us/en/newsroom/news/financial-news-aug-2022.html |access-date=2022-08-24 |website=Intel |language=en}}
As of December 31, 2022, BIP declared majority ownership and/or controlling voting interest in the following companies:{{Cite web |title=2022 Annual Report|url=https://bip.brookfield.com/sites/bip-brookfield-ir/files/2023-03/bip-2022-20-f-vf.pdf|website=Brookfield Infrastructure Partners |language=en}}
| class="wikitable sortable"
! Country ! Company ! Sector ! Effective Ownership ! Voting Interest |
| Australia
|Arc Infrastructure WA Pty Ltd |100% |100% |
| Australia
|Linx Cargo Care Group Pty Ltd |27% |67% |
| Australia
|Ruby Pooling Hold Trust |29% |100% |
| Brazil
|31% |
| Canada
|Enercare |Home and commercial energy services |26% |100% |
| Canada
|Energy Infrastructure |56% |100% |
| Canada
|NorthRiver Midstream Inc. |Energy Infrastructure |29% |100% |
| Canada
|Warwick Gas Storage L.P. |Energy Infrastructure |25% |100% |
| Colombia
|Vanti S.A. ESP |Energy Infrastructure |21% |75% |
| Germany
|Thermondo GmbH |Residential energy infrastructure |11% |51% |
| India
|Crest Digitel Private Ltd |17% |62% |
| India
|Pipeline Infrastructure |Energy Infrastructure |21% |75% |
| India
|Rayalseema Expressway Private Limited |29% |95% |
| India
|Simhapuri Expressway Ltd |Toll Roads |29% |95% |
| India
|Summit Digitel Infrastructure Private Ltd |Telecommunications |17% |62% |
| Peru
|Toll roads |17% |57% |
| Singapore
|BIF India Holdings Pte Ltd |Toll roads |40% |93% |
| United Kingdom
|BOXT Ltd |Residential infrastructure |15% |60% |
| United Kingdom
|Brookfield Port Acquisitions (UK) Ltd |Port Operations |59% |100% |
| United Kingdom
|BUUK Infrastructure No 1 Limited |Energy Infrastructure |80% |80% |
| United Kingdom
|WIG Holdings I Limited |Data Centres |24% |98% |
| United States
|Dawn Acquisitions LLC |Data Centres |29% |100% |
| United States{{ref label|a|a}}
|Genesee & Wyoming[http://trn.trains.com/news/news-wire/2019/07/01-genesee--wyoming-sold-in-84-billion-deal Genesee & Wyoming sold in $8.4 billion deal] {{Webarchive|url=https://web.archive.org/web/20190701141614/http://trn.trains.com/news/news-wire/2019/07/01-genesee--wyoming-sold-in-84-billion-deal |date=2019-07-01 }} Trains July 1, 2019 |Rail Transport |9% |72% |
| United States
|Lodi Gas Storage LLC |Energy Infrastructure |40% |100% |
| United States
|Rockpoint Gas Storage Partners L.P. |Energy Infrastructure |40% |100% |
The following table lists prior acquisitions by BIP:
Notes
:a.{{note|a}}Although headquartered in the United States, Genesee & Wyoming also has rail and logistics operations in Canada, the U.K., and continental Europe.