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

Company: Brookfield Business Partners L.P.
Filing Date: 2025-03-10
Form: 424B3
Chunk 10
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 exchange by holders of exchangeable shares from time to time in the event that neither BBUC nor the partnership has satisfied such exchange, as provided pursuant to the terms of the Rights Agreement and the BBUC articles. Exchanges registered hereby include exchanges of exchangeable shares at the election of the holders of exchangeable shares in accordance with the terms thereof as provided in the BBUC articles and, if applicable, the Rights Agreement. See “ Exchange of Exchangeable Shares for Units — Primary Exchange Rights ” and “E xchanges of Exchangeable Shares for Units — Secondary Exchange Rights ”. In addition, this prospectus registers the issuance or delivery of units upon redemption or acquisition by us of exchangeable shares in accordance with the BBUC articles, as described in “E xchanges of Exchangeable Shares for Units — Redemption ”, “ Exchanges of Exchangeable Shares for Units — Liquidation ” and “ Exchanges of Exchangeable Shares for Units — Automatic Redemption upon Liquidation of the Partnership ”.

As of February 25, 2025, there were 72,683,978 exchangeable shares issued and outstanding, which may be exchanged for units pursuant to this prospectus. In addition, from time to time, BBUC may issue additional exchangeable shares that may be exchanged for units pursuant to this prospectus. This prospectus relates to up to 60,000,000 units that may be issued by the partnership or delivered by BBUC or the selling securityholder in respect of such additional exchangeable shares, as set forth on the cover of this prospectus. Any such future issuances of exchangeable shares will have been issued pursuant to either Regulation S under the Securities Act or another effective registration statement under the Securities Act.

**Tax Consequences of Exchanges and Ownership of Units**

Please see “ Material Canadian Federal Income Tax Considerations ” and “ Material United States Federal Income Tax Considerations ” for a summary of material Canadian and U.S. federal income tax considerations that may be relevant to holders of exchangeable shares if such holders exchange their exchangeable shares for units. Because the specific tax consequences to such holders will depend upon their specific circumstances, holders are strongly urged to consult their own tax advisors regarding any Canadian and/or U.S. federal, state and local tax consequences specific to such holders.

#### Recent Developments
Chemelex Transaction

On January 30, 2025, together with institutional partners, we completed the acquisition of Chemelex, a leading manufacturer of electric heat tracing systems, through a carve-out from a larger industrial company for total