Company: BBU
Filing Date: 2025-02-28
Form Type: F-3
Source: 0001104659-25-019207
Chunk: 3

Company: Brookfield Business Partners L.P.
Filing Date: 2025-02-28
Form: F-3
Chunk 3
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) delivered by our affiliate, Brookfield Corporation, as the selling securityholder named herein (“

#### Brookfield
” or the “

#### selling securityholder
”) to satisfy any 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 (as defined herein) and the BBUC articles. Brookfield indirectly controls Brookfield Business Partners Limited, our general partner. See “ Exchange of Exchangeable Shares for Units ”.

The 132,683,978 units being registered hereunder include (i) 72,683,978 units in respect of exchangeable shares that are issued and outstanding as of February 25, 2025 and (ii) up to 60,000,000 units in respect of any additional exchangeable shares that may from time to time be issued by BBUC in the future pursuant to Regulation S under the Securities Act of 1933, as amended (the “

#### Securities Act
”) or pursuant to one or more U.S. registration statements.

Pursuant to the BBUC articles, each exchangeable share is exchangeable at the option of the holder thereof for one unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at our election), as more fully described in this prospectus. Whether the units are issued by the partnership or delivered by BBUC will be determined by us in our sole discretion. Either (i) BBUC will deliver units or its cash equivalent to satisfy its exchange obligation or (ii) the partnership may elect to satisfy BBUC’s exchange obligation by acquiring any tendered exchangeable shares in exchange for units or its cash equivalent. Under the Rights Agreement and the BBUC articles, in the event that neither BBUC nor the partnership has issued or delivered units or the cash equivalent upon exchange of exchangeable shares, then Brookfield will satisfy, until March 15, 2027, such exchange by paying such cash amount or delivering such units pursuant to this prospectus (up to the maximum number of units that may be offered hereby). See “ Selling Securityholder ”.

None of the partnership, BBUC or the selling securityholder will receive any cash proceeds from the issuance or delivery of any units upon exchange, redemption or acquisition, as applicable, of exchangeable shares pursuant to this prospectus.

The units are listed on the New York Stock Exchange (the “

#### NYSE
”) under the trading