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Teekay Offshore announces anticipated closing date for the acquisition of its publicly held common units by Brookfield and intention to delist its common units

Teekay Offshore Partners L.P. announced that it has notified the New York Stock Exchange (NYSE) of the anticipated closing date of the previously-announced transactions contemplated by that certain Agreement and Plan of Merger, dated September 30, 2019 (the Merger Agreement), by and among the Partnership, Teekay Offshore GP L.L.C. (Partnership GP) and certain affiliates and institutional partners of Brookfield Business Partners L.P. (collectively, the Brookfield Consortium). The Partnership anticipates that the merger will close on January 22, 2020 after the closing of markets.

In connection with the merger, holders of common units representing limited partner interests in the Partnership not already held by the Brookfield Consortium have until 12:00 a.m. New York Time on January 14, 2020 to elect to receive one newly designated unlisted Class A Common Unit of the Partnership per common unit as an alternative to receiving $1.55 in cash per common unit.

Upon the closing of the merger on the terms and conditions set forth in the Merger Agreement, the Partnership will be a wholly owned subsidiary of Partnership GP and certain affiliates of the Brookfield Consortium. Following completion of the merger, the common units of the Partnership will cease to be listed on the NYSE and will be deregistered under the Securities Exchange Act of 1934, as amended.