Brookfield Asset Management has completed a C$459 million secondary offering of Rockpoint Gas Storage shares, selling 16.4 million Class A common shares at C$28 per share. The deal included an over-allotment option granted to underwriters, with proceeds going to Brookfield affiliates.

Despite the sale, Brookfield retains majority control with 60 percent of voting power across 133 million outstanding shares. Rockpoint, based in Calgary, operates natural gas storage facilities across North America as a pure-play provider in the energy infrastructure sector.

The transaction follows Rockpoint's C$704 million initial public offering on the Toronto Stock Exchange last year. The secondary offering was executed through a bought deal arrangement led by RBC Capital Markets and JP Morgan, with support from eight additional underwriters including BMO Capital Markets and TD Securities.