SCHEDULE 13D/A: Brookfield Entities Boost Stake in Brookfield Business Partners L.P. Following Unit Repurchases

Brookfield Corporation and its affiliates have increased their beneficial ownership in Brookfield Business Partners L.P. to 67.5% (or 76.0% under certain assumptions) due to the Issuer's recent unit repurchases.

Summary

• This document is Amendment No. 8 to the Schedule 13D filing for Brookfield Business Partners L.P. (the "Issuer").
• The amendment primarily reflects a change in the percentage ownership of the Reporting Persons (Brookfield Corp /ON/, BAM PARTNERS TRUST, BNT BBU HOLDING LP, BPEG BN HOLDINGS LP, and BROOKFIELD TITAN HOLDINGS LP) due to a decrease in the Issuer's outstanding units.
• As of May 6, 2025, the aggregate number of Limited Partnership Units of the Issuer outstanding was 88,838,581.
• This represents a decrease of 2,016,892 Units from the 90,855,473 Units that were outstanding as of February 25, 2025.
• The reduction in outstanding units is attributed to unit repurchases conducted by the Issuer through its normal course issuer bid.
• As a result of this decrease, Brookfield Corporation and BAM PARTNERS TRUST's aggregate beneficial ownership increased to 142,552,877 Units, representing 67.5% of the class (assuming all outstanding redemption-exchange units and BBUC exchangeable shares are exchanged for Units on a one-for-one basis).
• If only the redemption-exchange units and BBUC exchangeable shares beneficially owned by Brookfield Corporation and Brookfield Wealth Solutions Ltd. are exchanged, their percentage ownership would be 76.0%.

Sentiment

Score: 7

Explanation: The document indicates a reduction in outstanding units through repurchases, which is generally positive for existing shareholders as it can be accretive to earnings per unit. The increased percentage ownership by Brookfield Corporation and its affiliates also suggests continued strategic alignment and confidence.

Positives

• The Issuer's unit repurchases, totaling 2,016,892 Units, reduce the total outstanding units, which is generally accretive to earnings per unit for existing unitholders.
• The increased beneficial ownership by Brookfield Corporation and its affiliates, reaching up to 76.0% under certain assumptions, signals strong conviction and strategic alignment from a key controlling entity.

Future Outlook

The document does not provide explicit forward-looking statements or guidance beyond the factual update on ownership changes resulting from past unit repurchases.

Industry Context

This filing reflects a common corporate finance activity where a company repurchases its own units, leading to a reduction in outstanding shares. For Brookfield Business Partners L.P., this action has the effect of increasing the proportional ownership of its controlling shareholder, Brookfield Corporation, and its affiliates, reinforcing their strategic control within the broader Brookfield asset management structure.

Related Party Transactions

• The increase in beneficial ownership by Brookfield Corporation and its affiliates (related parties) is a direct result of the Issuer's unit repurchases, which affects the proportional stake of these entities.

Stakeholder Impact

• Shareholders: Potential positive impact due to a reduced unit count, which can be accretive to earnings per unit, and increased ownership by a major strategic partner, potentially signaling long-term commitment.

Key Dates

Recommendation

Keywords

Brookfield Business Partners, BBU, Brookfield Corporation, BN, Schedule 13D, Unit Repurchase, Beneficial Ownership, SEC Filing, Limited Partnership Units, Issuer Bid