Company: BIPC
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014377
Chunk: 18

Company: Brookfield Infrastructure Corp
Filing Date: 2025-03-24
Form: 20-F
Item: Item 3
Chunk 18
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 defaulting customers are not successful or if enforcement actions are more costly or take more time than expected.

Brookfield Infrastructure Corporation 25

Risks Relating to Our Relationship with Brookfield

Brookfield exercises substantial influence over our group and we are highly dependent on the Service Providers.

A subsidiary of BN is the sole shareholder of the partnership’s general partner. In addition, Brookfield Infrastructure, which itself is controlled by Brookfield, holds all of our issued and outstanding class B shares, having a 75% voting interest in our company and which entitle the partnership to all of the residual value in our company after payment in full of the amount due to holders of exchangeable shares. Brookfield also directly and indirectly holds all of the issued and outstanding class A.2 exchangeable shares (being 13,012,789 class A.2 exchangeable shares) which are exchangeable on a one-for-one basis for exchangeable shares (subject to an ownership cap that limits the exchange by Brookfield of class A.2 exchangeable shares such that exchanges by Brookfield may not result in Brookfield owning 9.5% or more of the aggregate fair market value of all issued and outstanding shares of our company) or units. Accordingly, Brookfield beneficially holds, directly or indirectly, shares exchangeable into exchangeable shares representing approximately 9.9% of the exchangeable shares on an as-exchanged basis (provided however that exchanges of such shares are subject to the ownership cap described above). Brookfield Infrastructure holds a 50% voting interest in BIHC through its indirect holding of 662/3% of the issued and outstanding BIHC class B shares and also holds all of the issued and outstanding class C shares, which entitle Brookfield Infrastructure to all of the residual value in BIHC after payment in full of the amount due to holders of class A.1 exchangeable shares, class A.2 exchangeable shares, BIHC class B shares and subject to the prior rights of holders of preferred shares. Together, Brookfield and Brookfield Infrastructure hold an approximate 77% voting interest in our company on an as exchanged basis (assuming the maximum permitted number of the class A.2 exchangeable shares held by Brookfield are converted into exchangeable shares). As a result, Brookfield is able to control the appointment and removal of our directors and the directors of the partnership’s general partner and, accordingly, exercise substantial influence over our group. In addition, the Service Providers, which include subsidiaries of Brookfield, provide management and