No. of Recommendations: 1

1) It seems like these moves are more evolutionary or bolt on acquisitions than a set of transformative initiatives, like the Prime Infrastructure deal was.

I agree as the size of the share offering and the acquisitions are not that large compared to the whole company.

2) On the other hand, these moves could be steps in a somewhat longer major transformation. For example, if they think that Latin American infrastructure plays, particularly roads will be a major chunk of their business over time, then this transaction takes on a different cast. Similar with the infrastructure assets in the UK.

My view is (based on comments made by BAM CEO Bruce Flatt) that BAM tries to find assets that can be bought at an attractive value, not assets in some specific region. I would assume that this applies to BIP aswell.
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