Brookfield (BN) and Brookfield Wealth Solutions (BNT) said late Tuesday their boards approved a previously announced transaction to combine under a single publicly traded company, Brookfield Corp.

The unified company will list on the New York Stock Exchange and Toronto Stock Exchange under the symbol BN. Under the agreement, all class A shares of Brookfield and class A exchangeable limited voting shares of Brookfield Wealth Solutions will be exchanged on a one-for-one basis for new shares of Brookfield.

Following completion of the deal, Brookfield Corp. is expected to pay a quarterly distribution equal to the distributions currently paid by Brookfield and Brookfield Wealth Solutions, the companies said.

The transaction remains subject to shareholder and regulatory approvals and is expected to close by year-end.