Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 494

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 19
Chunk 494
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 multiples and discount rates, by (1) testing the source information underlying the terminal value multiples and discount rates, and (2) developing a range of independent estimates and comparing those to the terminal value multiples and discount rates selected by management.

Acquisition of ATC Telecom Infrastructure Private Limited - Refer to Notes 3 and 7 to the financial statements

Critical Audit Matter Description

The Partnership acquired several businesses during the year. When each business was acquired, the Partnership assessed the degree of influence it exerted and whether it had control or not. For those where control existed, the Partnership accounted for the business combination using the acquisition method of accounting. The purchase price of each acquisition was allocated to the assets acquired and liabilities assumed based on their respective fair values at the date of acquisition.

While there were several estimates made by management in the determination of the fair value of the assets acquired and the liabilities assumed, the estimate with the greatest measurement uncertainty for the largest acquisition (ATC Telecom Infrastructure Private Limited (“ ATC”)) was the discount rates used in

Brookfield Infrastructure F-3

the valuation of intangible assets. Auditing these estimates required a high degree of auditor judgment and this resulted in an increased extent of audit effort, including the involvement of fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the estimates made by management in the acquisition of the ATC business included the following, among others:

• Evaluated the effectiveness of controls over management’s process for determining the fair value of intangibles, including those over the discount rates used in the valuations.

• With the assistance of fair value specialists, evaluated the reasonableness of the discount rates, by (1) testing the source information underlying the discount rates, and (2) developing a range of independent estimates and comparing those to the discount rates selected by management.

/s/ Deloitte LLP

Chartered Professional Accountants

Licensed Public Accountants

Toronto, Canada

March 21, 2025

We have served as the Partnership’s auditor since 2007.

F-4 Brookfield Infrastructure

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners and the Board of Directors of

Brookfield Infrastructure Partners L. P.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Brookfield Infrastructure Partners L. P. and subsidiaries (the “ Partnership”) as of December 31, 2024, based on criteria established inInternal Control -