Welcome to our dedicated page for BROOKFIELD BUSINESS news (Ticker: BBUC), a resource for investors and traders seeking the latest updates and insights on BROOKFIELD BUSINESS stock.
Brookfield Business Corporation Class A Exchangeable Subordinate Voting Shares (BBUC) are tied to Brookfield Business Partners, a global business services and industrials platform within Brookfield Asset Management’s private equity group. The news flow around BBUC and Brookfield Business Partners provides insight into how this platform invests in and operates businesses that provide essential products and services.
News releases frequently cover quarterly and annual financial results, where Brookfield Business Partners reports segment performance across Industrials, Business Services and Infrastructure Services, along with corporate-level items. These updates discuss measures such as Adjusted EBITDA and Adjusted EFO, and provide commentary on operations such as advanced energy storage, engineered components manufacturing, dealer software and technology services, modular building leasing and offshore oil services.
Another key category of news involves capital deployment and capital recycling. Company announcements describe acquisitions of businesses such as a Canadian residential and multi-family mortgage lender, an electric heat tracing systems manufacturer and Antylia Scientific, as well as transactions to sell partial interests in businesses like engineered components manufacturing, dealer software and technology services and work access services operations to a new evergreen private equity fund. These items illustrate how Brookfield Business Partners reallocates capital and refines its portfolio over time.
Corporate actions and structural changes are also prominent in the news. Brookfield Business Partners has announced a proposed conversion of Brookfield Business Partners L.P. and Brookfield Business Corporation into a single Canadian corporation, BBU Inc., with related arrangement agreements, special meetings and regulatory filings. Normal course issuer bids for both units and BBUC exchangeable shares, along with conference call and webcast announcements for results, round out the typical news coverage. Investors following BBUC can use this news stream to monitor financial performance, portfolio evolution and the progress of the planned corporate reorganization.
Brookfield Asset Management and Brookfield Business Partners have completed the acquisition of Chemelex from nVent Electric Plc for $1.7 billion. Chemelex is a global leader in electric heat trace systems, specialized wiring systems that regulate pipe temperatures in industrial plants and commercial buildings. The company, which invented electric heat tracing in 1972, serves industrial, commercial, residential, energy, and infrastructure markets.
The acquisition was funded with approximately $830 million of equity, with Brookfield Business Partners investing $210 million for a 25% interest. The remaining funding came from institutional partners. Brookfield brings expertise in driving operational transformation in industrials and manufacturing businesses, with previous investments including Clarios, Westinghouse, and GrafTech.
Brookfield Business (BBUC) announced that all ten nominees for the board of directors were elected during the annual general meeting held on June 20, 2024. The virtual meeting saw a strong shareholder turn-out, with Exchangeable Shares holding 25% and Class B Shares holding 75% of the voting interest. Detailed voting results showed an overwhelming support for the nominees, including Cyrus Madon and Patricia Zuccotti, who received nearly unanimous votes. Brookfield Business Partners, a subsidiary of Brookfield Asset Management, focuses on high-quality business services and industrials globally. Voting details are available on SEDAR+.
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On April 20, 2023, Clarios Global LP announced the pricing of $750 million in senior secured notes with a 6.750% coupon, up from a previously planned $500 million. Additionally, the Company increased its new term loan facility from $1 billion to $2.75 billion, maturing in May 2030 at a margin of SOFR plus 3.75%. The total refinancing amounts to $3.5 billion and is aimed at extending the capital structure's maturity without raising overall borrowing costs significantly. Closing is expected on May 4, 2023. Proceeds will repay existing loans maturing April 2026. Clarios, owned by Brookfield Business Partners, focuses on advanced energy storage solutions.
BROOKFIELD, NEWS, March 17, 2023 (GLOBE NEWSWIRE) -- Brookfield Business Corporation (BBUC) has filed its 2022 annual report on Form 20-F with the SEC and Canadian securities authorities. This includes audited financial statements for the year ending December 31, 2022. The reports are also accessible on their official website. Brookfield Business Partners, the flagship of Brookfield Asset Management, which oversees approximately $800 billion in assets, focuses on owning and operating high-quality businesses providing essential services. Shareholders can request a free hard copy of the report.
Nielsen Holdings plc (NYSE: NLSN) announced the completion of its sale to a private equity consortium led by Evergreen Coast Capital and Brookfield Business Partners for approximately $16 billion. Shareholders will receive $28 per share in cash. Following this transaction, Nielsen shares will cease trading on the NYSE as of October 12, 2022. CEO David Kenny expressed optimism for Nielsen's future as a private company, aiming to enhance its Nielsen ONE strategy amidst a growing media landscape.