Company: BBU
Filing Date: 2025-03-10
Form Type: 424B3
Source: 0001104659-25-022184
Chunk: 20

Company: Brookfield Business Partners L.P.
Filing Date: 2025-03-10
Form: 424B3
Chunk 20
---
| Preferred shares                                              | ​ | ​ | ​                         | ​ |    740 | ​ | ​ |
| Interest of others in operating subsidiaries                  | ​ | ​ | ​                         | ​ | 12,838 | ​ | ​ |
| Total equity                                                  | ​ | ​ | ​                         | $ | 19,361 | ​ | ​ |
| Total Capitalization                                          | ​ | ​ | ​                         | $ | 80,256 | ​ | ​ |

(1) Does not reflect any transactions since September 30, 2024. See “ Summary — Recent Developments ” in this prospectus. (2) Does not reflect (i) approximately $5 billion of subsidiary debt raised at the partnership’s advanced energy storage operation in January 2025 or (ii) approximately $860 million of subsidiary debt raised to fund the acquisition of Chemelex in January 2025. See “ Summary — Recent Developments ” for further information. (3) Includes the deferred income tax liability of the partnership as of September 30, 2024. (4) Does not reflect repurchases under our NCIB since September 30, 2024. See “ Summary — Recent Developments ” for further information. (5) Does not reflect the conversion on February 25, 2025, of 18,105,781 redemption-exchange units held by subsidiaries of Brookfield Wealth Solutions.

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TABLE OF CONTENTS

### EXCHANGE OF EXCHANGEABLE SHARES FOR UNITS
The exchange rights relating to the exchangeable shares are set forth in the BBUC articles and the Rights Agreement, which are filed as exhibits to the registration statement of which this prospectus forms a part. Upon exchange, holders of exchangeable shares will receive, with respect to each exchanged share, either (i) one unit or (ii) cash in an amount equivalent to the market value of one unit, in each case as described in further detail below.

#### Primary Exchange Rights
Holders of exchangeable shares shall have the right to exchange all or a portion of their exchangeable shares for one unit per exchangeable share held (subject to adjustment in the event of certain dilutive or other capital events by BBUC or the partnership as described below in “— Adjustments to Reflect Certain Capital Events ”) or its cash equivalent based on the NYSE closing price of one unit on the date that the request for exchange is received by BBUC’s transfer agent (or if not a trading day, the next trading day thereafter) plus,