Canada-based asset manager Brookfield Asset Management intends to buy a majority stake in U.S. peer Oaktree Capital in a deal valued at about $4.8 billion.

The transaction will create an alternative-asset manager that would rival industry leader Blackstone Group in size.

The decision by Oaktree to sell the company’s stake comes after a sustained period in which its stock has underperformed the broader market.

Brookfield said that this transaction enables it to broaden its product offering to include one of the finest credit platforms in the world, which has a value-driven, contrarian investment style, consistent with the company.