Brookfield Infrastructure Renews Its Normal Course Issuer Bids
Rhea-AI Summary
Brookfield Infrastructure (NYSE: BIP) and Brookfield Infrastructure Corporation (NYSE: BIPC) renewed normal course issuer bids accepted by the TSX, effective December 2, 2025 through December 1, 2026.
BIP is authorized to repurchase up to 5% of LP Units (23,062,017 units) and up to 10% of public float of each Preferred series; daily caps equal 25% of six‑month ADTV. BIPC may repurchase up to 10,594,212 exchangeable shares (10% public float), with daily cap of 45,151 shares. Repurchased securities will be cancelled. BIP repurchased 1,043,911 LP Units year‑to‑date at a weighted average price of C$39.20. Both intend to use automatic purchase plans week of Dec 22, 2025.
Positive
- BIP authorized repurchase up to 23,062,017 LP Units
- BIPC authorized repurchase up to 10,594,212 Exchangeable Shares
- Repurchased Units and Exchangeable Shares will be cancelled
- BIP repurchased 1,043,911 LP Units at C$39.20 weighted average
Negative
- BIPC repurchased 0 Exchangeable Shares in the past 12 months
- BIP has not repurchased any Preferred Units in the past 12 months
News Market Reaction
On the day this news was published, BIP declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BIP was down 0.54% while key Utilities peers like SRE, AES and AQN showed gains between 0.5% and 1.45%, indicating stock-specific trading rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 28 | Buyback renewal | Positive | +0.0% | TSX renewed issuer bids, expanding capacity to repurchase units and shares. |
| Nov 26 | Preferred redemption | Positive | +0.0% | Planned cash redemption of all Series 3 Preferred Units at set price. |
| Nov 07 | Q3 2025 earnings | Positive | +2.6% | Higher FFO and net income with sizable asset sale proceeds and liquidity. |
| Oct 03 | Earnings call notice | Neutral | +2.3% | Announcement of timing and access details for Q3 2025 results call. |
| Jul 31 | Q2 2025 earnings | Positive | +0.3% | Stronger net income and FFO with major acquisitions and asset sales. |
Recent fundamental updates and capital actions have generally seen modest positive or flat price reactions, with one divergence on a conference-call announcement.
This announcement renews Brookfield Infrastructure’s repurchase capacity after a year in which it has focused on capital recycling and steady growth. Q2 and Q3 2025 results highlighted rising FFO, improved net income and multi‑billion‑dollar asset sales alongside new acquisitions. Distributions remained at $0.43 per unit. Recent news also included the planned redemption of Series 3 preferred units. The renewed normal course issuer bids extend this capital allocation framework into the Dec 2, 2025–Dec 1, 2026 period.
Market Pulse Summary
This announcement renews Brookfield Infrastructure’s and Brookfield Infrastructure Corporation’s normal course issuer bids, allowing repurchases of up to 23,062,017 LP Units and 10,594,212 exchangeable shares between December 2, 2025 and December 1, 2026. Year to date, BIP has bought back 1,043,911 LP Units at about C$39.20. Investors may watch actual buyback activity, preferred unit redemptions, and upcoming earnings to gauge how these tools interact with the broader capital recycling strategy.
Key Terms
normal course issuer bid financial
public float financial
Rule 10b-18 regulatory
United States Securities Exchange Act of 1934 regulatory
AI-generated analysis. Not financial advice.
BROOKFIELD, NEWS, Nov. 28, 2025 (GLOBE NEWSWIRE) -- Brookfield Infrastructure Partners L.P. (“BIP”) (NYSE: BIP; TSX: BIP.UN) today announced that the Toronto Stock Exchange (the “TSX”) accepted a notice filed by BIP of its intention to renew its normal course issuer bid for its outstanding limited partnership units (“LP Units”) and its cumulative class A preferred limited partnership units (“Preferred Units”, and together with LP Units, “Units”). Brookfield Infrastructure Corporation (“BIPC”) (NYSE/TSX: BIPC) also today announced that the TSX accepted a notice filed by BIPC of its intention to renew its normal course issuer bid for its outstanding class A exchangeable subordinate voting shares (“Exchangeable Shares”).
BIP and BIPC believe that the renewed normal course issuer bid will provide the flexibility to use available funds to purchase Units or Exchangeable Shares, as applicable, should they be trading in price ranges that do not fully reflect their value.
Under BIP’s normal course issuer bid, the Board of Directors of the general partner of BIP authorized BIP to repurchase up to
BIP currently has three series of Preferred Units outstanding and that trade on the TSX. Under BIP’s normal course issuer bid, BIP is authorized to repurchase up to
| Series | Ticker | Issued and outstanding units1 | Public float1 | Average daily trading volume2 | Maximum number of units subject to repurchase3 | |
| Total | Daily | |||||
| Series 3 | BIP.PR.B | 4,989,262 | 4,989,262 | 4,117 | 498,926 | 1,029 |
| Series 9 | BIP.PR.E | 7,986,595 | 7,986,595 | 4,198 | 798,659 | 1,049 |
| Series 11 | BIP.PR.F | 9,936,190 | 9,936,190 | 4,625 | 993,619 | 1,156 |
- Calculated as at November 19, 2025.
- For the 6 months ended October 31, 2025.
- In accordance with TSX rules, any daily repurchases with respect to each of the Series 3, Series 9 and Series 11 Preferred Units will be limited to
25% of the average daily trading volume on the TSX of the respective series.
Under BIPC’s normal course issuer bid, the Board of Directors of BIPC authorized BIPC to repurchase up to
Repurchases under each normal course issuer bid are authorized to commence on December 2, 2025 and each normal course issuer bid will terminate on December 1, 2026, or earlier should BIP or BIPC, as applicable, complete its repurchases under its respective normal course issuer bid prior to such date.
Under BIP’s current normal course issuer bid that commenced on December 2, 2024 and expires on December 1, 2025, BIP previously sought and received approval from the TSX to repurchase up to 23,088,572 LP Units, 498,926 Series 1 Preferred Units, 498,926 Series 3 Preferred Units, 798,659 Series 9 Preferred Units and 993,619 Series 11 Preferred Units. The Series 1 Preferred Units were redeemed on June 30, 2025. As of November 19, 2025, BIP has repurchased 1,043,911 LP Units under its current normal course issuer bid through open market transactions on the TSX and the NYSE at a weighted average price per LP Unit of approximately C
Under BIPC’s normal course issuer bid that commenced on December 2, 2024 and expires on December 1, 2025, BIPC previously sought and received approval from the TSX to repurchase up to 11,889,600 Exchangeable Shares. BIPC has not repurchased any Exchangeable Shares under its current normal course issuer bid in the past twelve months.
Repurchases of Series 3, Series 9 and Series 11 Preferred Units will be effected through the facilities of the TSX and/or alternative trading systems. Repurchases of LP Units and Exchangeable Shares will be effected through the facilities of the TSX, the NYSE and/or alternative trading systems. All Units and Exchangeable Shares acquired by BIP and BIPC, respectively, under the applicable normal course issuer bid will be cancelled. Repurchases will be subject to compliance with applicable United States federal securities laws, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended, as well as applicable Canadian securities laws.
BIP and BIPC intend to enter into automatic share purchase plans on or about the week of December 22, 2025 in relation to their respective normal course issuer bids. The automatic share purchase plans will allow for the purchase of Units or Exchangeable Shares, as applicable, subject to certain trading parameters, at times when BIP or BIPC ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside these periods, the Units or Exchangeable Shares will be repurchased in accordance with management’s discretion, subject to applicable law.
About Brookfield Infrastructure
Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. We are focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. Investors can access its portfolio either through Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN), a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation (NYSE, TSX: BIPC), a Canadian corporation. Further information is available at https://bip.brookfield.com.
Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager, headquartered in New York with over US
Contact Information
| Media | Investor Relations |
| John Hamlin Director, Communications Tel: +44 204 557 4334 Email: john.hamlin@brookfield.com | Stephen Fukuda Senior Vice President, Corporate Development & Investor Relations Tel: +1 (416) 956 5129 Email: stephen.fukuda@brookfield.com |
Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities laws. The words “believes,” “may” or derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Forward-looking statements in this news release include statements regarding potential future repurchases by BIP of its Units and by BIPC of its Exchangeable Shares pursuant to their respective normal course issuer bids and, as applicable, automatic repurchase plans. Although BIP and BIPC believe that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of BIP and BIPC are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of BIP and BIPC to differ materially from those contemplated or implied by the statements in this news release include: general economic conditions; interest rate changes; availability of equity and debt financing; the performance of Units and Exchangeable Shares or the stock exchanges generally; and other risks and factors described in the documents filed by BIP and BIPC with securities regulators in Canada and the United States including under “Risk Factors” in BIP’s and BIPC’s most recent Annual Reports on Form 20-F and other risks and factors that are described therein. Except as required by law, BIP and BIPC undertake no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
FAQ
What repurchase limit did Brookfield Infrastructure (BIP) set under the 2025 NCIB?
How many exchangeable shares can Brookfield Infrastructure Corporation (BIPC) repurchase under its 2025 NCIB?
When do the BIP and BIPC repurchase programs start and end?
What daily trading limits apply to BIP and BIPC repurchases on the TSX?
Will repurchased BIP units and BIPC exchangeable shares be cancelled?
Will Brookfield use automatic purchase plans for the 2025 NCIBs?
