04:30 AM EDT, 10/10/2024 (MT Newswires) -- Brookfield Infrastructure Partners L.P. ( BIP/PA ) and Brookfield Infrastructure Corp. ( BIPC ) said they intend to complete a reorganization of the latter given the proposed amendments to Canada's Income Tax Act.

The move would maintain the benefits of Brookfield Infrastructure's business structure while addressing the proposed tax amendments, which they expect to result in additional costs to BIPC in the event of no action.

BIPC was set up in 2020 to offer access to Brookfield Infrastructure's portfolio of assets through a corporate structure.

The reorganization will follow a court-approved program and require shareholder approval, which is expected at a special meeting scheduled for Dec. 3. The restructuring will likely be complete in Q4.

The newly issued class A shares will probably list on the Toronto Stock Exchange and New York Stock Exchange, and trade under the same "BIPC" symbol.