Brookfield Business Partners completes unit split and creation of Brookfield Business Corporation

Torys acted as counsel to Brookfield Business Partners with a team that included Karrin Powys-Lybbe, Mile Kurta, Josh Lavine, Sophie Courtois, Steven Bentsianov, Christina MacKinnon, Alisse Elliott and Jason Lamb (corporate/Canadian and U.S. securities), Rose Bailey (lending), Corrado Cardarelli and Andrew Wong (Canadian tax), David Mattingly and Chris Saki (U.S. tax).

On August 2, 2021, Brookfield Business Partners L.P. (“BBU”) announced its intention to create a Canadian corporation that will provide investors with greater flexibility in how they access BBU's globally diversified services and industrial operations and the targeted returns associated with its growth strategy. Analogous with a unit split, holders of BBU’s limited partnership units of record on March 7, 2022 received one (1) class A exchangeable subordinate voting share of the new corporation, Brookfield Business Corporation (“BBUC”), for every two (2) BBU units held.

The transaction was completed on March 15, 2022 and the BBUC shares commenced regular-way trading on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “BBUC”.

Further information can be found on Globe Newswire’s website.

Brookfield Business Partners is a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. It is the flagship listed business services and industrials company of Brookfield Asset Management, a leading global alternative asset manager with approximately US$690 billion of assets under management.