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Brookfield Business to sell BGIS in $1B deal

Brookfield Business Partners LP agreed to sell global facilities management services company BGIS to private equity firm CCMP Capital Advisors LP in a deal valued at approximately $1 billion.

Brookfield is expected to receive approximately $180 million in sale proceeds, after taxes, for its 26% stake in BGIS. The transaction is set to occur in the second quarter.

Brookfield is the business services and industrials company of global asset manager Brookfield Asset Management Inc.

Citigroup Global Markets, CIBC Capital Markets and TD Securities are acting as financial advisers to Brookfield, with Stikeman Elliott, Skadden Arps Slate Meagher & Flom and interEllison serving as legal advisers.