Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 114

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 114
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 interest in the combined business alongside new strategic partners. Subsequent to year end, we completed the acquisition of Chemelex, a leading manufacturer of electric heat management solutions, through a carve-out from a larger industrial company for total consideration of $1.7 billion funded with debt and equity. We invested $212 million of equity for an approximate 25% economic interest in the business, with the balance funded by institutional partners.

We fund our growth, through our capital recycling initiatives including ongoing distributions from operations and the sale of our business interests. During the year, we completed the sale of several of our smaller investments. In our business services segment, we completed the sale of our general partner interest and residential real estate brokerage portfolio to Bridgemarq, a publicly listed real estate services and brokerage business, and we completed the sale of our road fuels operation. In our industrials segment, we completed the sale of our Canadian aggregates production operation. In January 2025, in our infrastructure services segment, we completed the sale of our offshore oil services’ shuttle tanker operation. Our advanced energy storage operation raised $5 billion of new first lien debt in January 2025. $4.5 billion of the proceeds were used to fund a special distribution to owners, of which BBU’s share was approximately $1.2 billion. This represents a 1.5x multiple of our initial equity investment and we still own our entire share of the business.

  Brookfield Business Partners      75  

Review of Consolidated Results of Operations

The following table summarizes our results of operations for the years ended December 31, 2024, 2023 and 2022. Further details on our results of operations and our financial performance are presented within the “ Segment Analysis” section.

                                                                      Year ended December 31,                                          Change                                       
  (US$ MILLIONS, except per unit amounts)                             2024                         2023                     2022       2024 vs 2023      2023 vs 2022               
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenues                                                            $                            $            55,068      $          $                 $                 (2,317)  
  Direct operating costs                                                                                      (50,021)                                                       3,089  
  General and administrative expenses                                                                          (1,538)                 271               (178)                      
  Interest income (expense), net                                                                               (3,596)