On September 25, 2025, Brookfield Business Partners announced plans to consolidate Brookfield Business Partners LP (BBU) and Brookfield Business Corporation (BBUC) into a single publicly traded Canadian corporation, BBU Inc. The reorganization, subject to court, shareholder, and regulatory approvals, will see all BBU units, BBUC class A exchangeable shares, and related redemption-exchange units exchanged one-for-one for new class A shares of BBU Inc., which will be listed on both the NYSE and TSX. At the time of the announcement, BBUC shares traded at a roughly 25% premium to BBU units. The combined entity’s market capitalization will reflect the sum of BBU and BBUC, and BBU Inc. will pay an annual dividend of US$0.25 (approximately C$0.34) per share, unchanged from current distributions. The transaction is structured as tax-deferred for Canadian and U.S. investors and aims to simplify financial reporting, improve trading liquidity, and facilitate broader index inclusion. Management fees to Brookfield Asset Management will be based on BBU Inc.’s market capitalization, with incentive distributions tied to its trading price.

Independent committees for both BBU and BBUC have retained Origin Merchant Partners as financial advisor and Stikeman Elliott LLP as legal advisor, while Torys LLP is advising Brookfield Business Partners. The reorganization is expected to close in the first quarter of 2026.