Canada’s Brookfield Asset Management has become the majority owner of Swedish commercial real estate investment giant SBB’s school properties division.

Toronto-based Brookfield purchased a 1.16% interest in SBB EduCo on Sunday for $29.28 million after the Canadian company’s attempt to acquire full ownership of the firm in July was rejected.

The deal gives Brookfield gives Brookfield approximately 52% of EduCo after purchasing a 49% minority interest in 2022. SBB will retain an ownership stake with its share adjusted to about 48%.

The transaction provides a financial injection of about eight billion Swedish krona to SBB through partial repayment of a loan that SBB provided to EduCo following Brookfield’s initial 2022 investment. EduCo will become a stand-alone company and no no longer be a subsidiary of SBB.

But SBB, along with Brookfield, will be represented on EduCo’s board.

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