The following table summarizes the balance sheet impact as a result of business combinations that occurred in the year ended December 31, 2021. The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis:


(MILLIONS)	Private Equity		Infrastructure		Real Estate		Renewable Power and Transition and Other		Total
Cash and cash equivalents	$	288	$	217	$	78	$	3	$	586
Accounts receivable and other	826		455		104		100		1,485
Inventory	690		23		2		6		721

Equity accounted investments	20		—		7		45		72
Investment properties	—		—		988		—		988
Property, plant and equipment	2,518		10,179		2,172		2,366		17,235
Intangible assets	4,535		3,734		67		—		8,336
Goodwill	3,960		2,400		113		118		6,591
Deferred income tax assets	6		9		—		—		15
Total assets	12,843		17,017		3,531		2,638		36,029
Less:
Accounts payable and other	(1,811)		(3,271)		(131)		(188)		(5,401)
Non-recourse borrowings	(132)		(6,698)		(1,452)		(975)		(9,257)
Deferred income tax liabilities	(1,215)		(1,430)		(113)		—		(2,758)
Non-controlling interests1	(22)		(156)		(3)		(2)		(183)
	(3,180)		(11,555)		(1,699)		(1,165)		(17,599)
Net assets acquired	$	9,663	$	5,462	$	1,832	$	1,473	$	18,430

Consideration2	$	9,663	$	5,462	$	1,832	$	1,473	$	18,430

Brookfield recorded $2.8 billion of revenue and $3 million of net income in 2021 from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred at the beginning of the year, they would have contributed $8.6 billion and $351 million to total revenues and net income, respectively.

The following table summarizes the balance sheet impact as a result of significant business combinations that occurred in 2021. The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis.


	Private Equity						Infrastructure		Real Estate		Renewable Power and Transition
(MILLIONS)	Modulaire		DexKo		Aldo		IPL		Life Sciences Assets		U.S. Wind		U.S. Distributed Generation
Cash and cash equivalents	$	100	$	106	$	59	$	121	$	6	$	1	$	1
Accounts receivable and other	418		278		31		420		1		71		28

Inventory	104		436		48		20		—		6		—
Equity accounted investments	—		19		—		—		—		—		—
Investment properties	—		—		—		—		988		—		—
Property, plant and equipment	1,963		462		5		9,865		—		1,643		723
Intangible assets	1,941		2,212		295		2,569		2		—		—
Goodwill	1,667		1,408		421		2,096		36		—		117
Deferred income tax assets	—		6		—		—		—		—		—
Total assets	6,193		4,927		859		15,091		1,033		1,721		869
Less:
Accounts payable and other	(817)		(637)		(136)		(3,012)		(7)		(142)		(45)
Non-recourse borrowings	(27)		(2)		—		(6,185)		—		(835)		(140)
Deferred income tax liabilities	(590)		(504)		(100)		(1,229)		(36)		—		—
Non-controlling interests1	—		(10)		—		—		—		—		—
	(1,434)		(1,153)		(236)		(10,426)		(43)		(977)		(185)
Net assets acquired	$	4,759	$	3,774	$	623	$	4,665	$	990	$	744	$	684

Consideration2	$	4,759	$	3,774	$	623	$	4,665	$	990	$	744	$	684

On August 31, 2021, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in Aldo Componentes Eletrônicos LTDA (“Aldo”), a leading distributor of solar power solutions for the distributed generation market in Brazil. The total consideration paid for the business was $623 million, comprising of $295 million of cash consideration and $328 million of contingent consideration payable to the former shareholder if certain performance targets are met. Goodwill of $421 million was recognized, which is not deductible for income tax purposes. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $553 million and $68 million, respectively.

On October 4, 2021, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in DexKo Global Inc. (“DexKo”), a leading global manufacturer of highly engineered components primarily for industrial trailers and other towable-equipment providers. The total consideration paid for the business was $3.8 billion, comprising of $1.1 billion of cash, $2.6 billion of debt raised for the acquisition and $30 million of contingent consideration. Goodwill of $1.4 billion was recognized, which is not deductible for income tax purposes. Total revenues and net loss that would have been recorded if the transaction had occurred at the beginning of the year are $2.5 billion and $139 million, respectively.

On December 15, 2021, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in Modulaire Investments 2 S.à.r.l. (“Modulaire”), a provider of modular building leasing services in Europe and Asia-Pacific. The total consideration paid for the business was $4.8 billion, comprising of $1.6 billion of cash and $3.2 billion of debt raised for the acquisition. Goodwill of $1.7 billion was recognized, which is not deductible for income tax purposes. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $1.7 billion and $135 million, respectively.

During 2021, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in Inter Pipeline Ltd. (“IPL”). The transaction was accounted for as a business combination as of the initial acquisition on August 20, 2021. The total consideration paid for the business was $4.7 billion, comprising of $1.9 billion of cash, $0.2 billion of BIPC exchangeable LP units, $1.1 billion of BIPC exchangeable shares, $0.9 billion of debt raised on closing, and an existing 10% interest valued at $0.6 billion on the initial acquisition date. Goodwill of $2.1 billion was recognized, which is not deductible for income tax purposes. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $2.5 billion and $274 million, respectively.

On June 16, 2021, a subsidiary of the company, alongside institutional partners, acquired a portfolio of life sciences assets in the U.K., through our BSREP III fund. The total consideration paid for the portfolio was $990 million, comprising of $352 million of cash with the remainder funded through non-recourse borrowings raised concurrently on closing. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $34 million and $86 million, respectively.

On March 24, 2021, a subsidiary of the company, alongside institutional partners, completed the acquisition of 100% of a portfolio of three wind generation facilities and development projects located in the U.S. The total consideration paid for the portfolio was $744 million. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $183 million and $12 million, respectively.

On March 31, 2021, a subsidiary of the company, alongside institutional partners, completed the acquisition of 100% of a distributed generation business in the U.S. The total consideration paid for the business was $684 million. Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $79 million and $6 million, respectively.

The following table summarizes the balance sheet impact as a result of business combinations that occurred in the year ended December 31, 2020. No material changes were made to those allocations disclosed in the 2020 consolidated financial statements:


(MILLIONS)	Private Equity		Infrastructure		Real Estate, Renewable Power and Transition and Other		Total
Cash and cash equivalents	$	105	$	—	$	38	$	143
Accounts receivable and other	1,441		408		76		1,925

Inventory	12		—		55		67


Property, plant and equipment	84		7,334		661		8,079
Intangible assets	27		532		66		625
Goodwill	63		27		55		145
Deferred income tax assets	31		—		15		46
Total assets	1,763		8,301		966		11,030
Less:
Accounts payable and other	(55)		(2,518)		(227)		(2,800)
Non-recourse borrowings	(1,016)		(2,356)		(470)		(3,842)
Deferred income tax liabilities	—		(22)		(12)		(34)
Non-controlling interests1	(227)		—		(47)		(274)
	(1,298)		(4,896)		(756)		(6,950)
Net assets acquired	$	465	$	3,405	$	210	$	4,080

Consideration2	$	465	$	3,405	$	210	$	4,080

Brookfield recorded $621 million of revenue and $10 million of net income in 2020 from the acquired operations as a result of the acquisitions made in 2020. If the acquisitions had occurred at the beginning of 2020, they would have contributed $1.6 billion and $25 million to total revenue and net losses, respectively.

The following table summarizes the balance sheet impact as a result of significant business combinations that occurred in 2020. No material changes were made to those allocations disclosed in the 2020 consolidated financial statements.


	Private Equity		Infrastructure
(MILLIONS)	IndoStar		Summit DigiTel
Cash and cash equivalents	$	78	$	—
Accounts receivable and other	1,391		408




Property, plant and equipment	9		7,334
Intangible assets	20		532
Goodwill	21		27
Deferred income tax assets	28		—
Total assets	1,547		8,301
Less:
Accounts payable and other	(30)		(2,518)
Non-recourse borrowings	(1,003)		(2,356)
Deferred income tax liabilities	—		(22)
Non-controlling interests1	(219)		—
	(1,252)		(4,896)
Net assets acquired	$	295	$	3,405

Consideration2	$	295	$	3,405

During 2020, a subsidiary of the company, together with institutional partners, acquired a 57% ownership interest in IndoStar, an Indian financing company focused on commercial vehicle lending and affordable home finance. The transaction was accounted for as a business combination achieved in stages on May 27, July 8 and 9, 2020. The subsidiary’s previously held investment in IndoStar was remeasured to fair value prior to the acquisition of additional interests. The fair value approximated carrying value and no cumulative gain or loss arising from changes in the fair value of the investment was recognized. Total consideration of $295 million was comprised of an existing equity interest of $276 million and $19 million of cash on hand. Total revenues and net loss that would have been recorded during 2020 if the transaction had occurred at the beginning of 2020 are $175 million and $37 million, respectively.

On August 31, 2020, a subsidiary of the company, alongside institutional partners, acquired a 100% interest in an Indian telecom tower operation for a total of approximately $3.4 billion. Consideration paid was funded fully by cash on hand. Goodwill in the amount of $27 million was recognized, which is not deductible for income tax purposes. Total revenues and net income that would have been recorded during 2020 if the transaction had occurred at the beginning of 2020 are $1.1 billion and $9 million, respectively.