Brookfield Business Partners to invest in BrandSafway
Brookfield Business Partners, together with its institutional partners and Clayton, Dubilier & Rice announced a definitive agreement for Brookfield to acquire half of CD&R's ownership interest in Brand Industrial Services. As a result of the investment, Brookfield and funds managed by CD&R will each own approximately 45% of the Company. BrandSafway management will continue to own a minority interest in the business. Brookfield's investment will be funded with approximately $1.3B of equity. Brookfield Business Partners intends to fund approximately $400M, with the balance being funded by institutional partners. Prior to or following closing, a portion of Brookfield Business Partners' commitment may be syndicated to other institutional investors. The transaction is subject to customary approvals and is anticipated to occur in the first quarter of 2020.