07:38 AM EDT, 07/03/2025 (MT Newswires) -- Brookfield Business Partners announced Thursday that it has reached an agreement to sell a portion of its interest in three businesses to a new evergreen private equity fund targeting high-net-worth investors that is managed by Brookfield Asset Management ( BAM ) .

The sale is expected to be completed on July 4, 2025.

Under the terms of the transaction, Brookfield Business Partners will sell an approximate 12% interest in its engineered components manufacturing operation, an approximate 7% interest in its dealer software and technology services operation and an approximate 5% interest in its work access services operation to the New Fund.

Brookfield Business Partners said it will receive units of the New Fund with an initial redemption value of approximately US$690 million, representing an aggregate 8.6% discount to the net asset value of the interests sold. In the 18-month period following the initial closing of the New Fund, expected later this year, the units are expected to be redeemed for cash at an 8.6% discount to NAV at the time of redemption. Any remaining units still outstanding after this 18-month period will be redeemable at NAV.

Thursday's statement noted a joint independent committee comprising independent directors of Brookfield Business Partners retained an independent financial advisor and external legal counsel to assist with their review of the transaction. The joint independent committee received a fairness opinion from their independent financial advisor, and following consultation with their advisors determined that the Transaction is fair and in the best interests of Brookfield Business Partners.

"The transaction provides a strong outcome for Brookfield Business Partners' unitholders and shareholders and provides the new evergreen private equity strategy with an immediate diversified seed portfolio prior to its launch," said Anuj Ranjan, CEO of Brookfield Business Partners. "The realization of these partial interests, at a value that is accretive to the trading price of our units and shares, enables Brookfield Business Partners to continue to accelerate the return of capital under current and future buyback programs, reinvest in the growth of its business and reduce corporate leverage."