Company: BBU
Filing Date: 2025-03-10
Form Type: 424B3
Source: 0001104659-25-022184
Chunk: 37

Company: Brookfield Business Partners L.P.
Filing Date: 2025-03-10
Form: 424B3
Chunk 37
---
field is Brookfield Place, Suite 100, 181 Bay Street, P.O. Box 762, Toronto, Ontario M5J 2T3. (3) Assumes that all exchange requests of exchangeable shares are satisfied in reliance on the Secondary Exchange Rights and no units are delivered by the partnership or BBUC in satisfaction of exchange requests on the exchangeable shares. The partnership and BBUC currently intend to satisfy any exchange requests on the exchangeable shares through the delivery of units rather than cash. For a description of our relationship with Brookfield as well as potential conflicts of interest (and the methods for resolving them) and other material considerations arising from our relationship with Brookfield, please see Item 7.B, “ Related Party Transactions ” in our Annual Report on Form 20-F, as updated by our subsequent filings with the SEC that are incorporated by reference in this prospectus.

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TABLE OF CONTENTS

### PLAN OF DISTRIBUTION
This prospectus relates to the registration of up to an aggregate of 132,683,978 units that may be issued by the partnership or delivered by BBUC or Brookfield, the selling securityholder, in each case in connection with the satisfaction of exchange requests by a holder of exchangeable shares of BBUC, in accordance with the terms thereof as provided in the BBUC articles and if applicable, the Rights Agreement; or upon redemption or acquisition of exchangeable shares by us in accordance with the BBUC articles. The exchangeable shares that may be so exchanged, redeemed or acquired include the exchangeable shares that may be issued from time to time in the future pursuant to either Regulation S under the Securities Act or another effective registration statement under the Securities Act.

The delivery of units by Brookfield, as selling securityholder, may be deemed to be conducted by or on behalf of the partnership.

No broker, dealer or underwriter has been engaged in connection with any such exchange. We will pay all expenses of effecting the exchanges pursuant to this prospectus.

For more information, see “ Exchange of Exchangeable Shares for Units ”.

### MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
The following is a summary of certain material United States federal income tax considerations for holders relating to the exchange of exchangeable shares for units as described in this prospectus as of the date hereof. This summary is based on provisions of the Code, on the regulations promulgated thereunder (the “

#### Treasury Regulations
”), and on published administrative rulings, judicial decisions, and other applicable authorities