Brookfield Business Partners has announced plans to merge with Brookfield Business Corporation (BBUC), consolidating the two entities into a single publicly traded company.

Under the terms of the agreement, each BBUC class A exchangeable share will be exchanged for one Brookfield Business Partners unit. The deal is structured to be tax-deferred for Canadian holders and is expected to close in the first half of 2026, subject to shareholder and regulatory approvals.

The merger is designed to simplify Brookfield’s organizational structure, enhance liquidity for investors, and strengthen the combined company’s scale and market presence.

“The conversion into a single corporate entity is designed to broaden our investor base, increase index demand and make it easier to invest in our shares which we expect will drive long-term value for all our shareholders,” said Anuj Ranjan, CEO of Brookfield Capital Partners.

Following completion, the merged entity will continue to be listed and traded on both the New York and Toronto stock exchanges under the Brookfield Business Partners name. The two companies currently trade on both exchanges.

Brookfield Business Partners is a leading global business services and industrials company. It focuses on acquiring and managing businesses with strong cash flow potential across diverse industries. The company’s holdings include numerous commercial real estate and infrastructure assets.

The firm serves as the flagship listed vehicle of global alternative-investment giant Brookfield Asset Management’s private-equity group.

Brookfield Business Partners and BBUC have formed independent committees comprised of independent directors to review the proposed transaction. Each committee has retained Origin Merchant Partners as its independent financial advisor and Stikeman Elliott LLP as its independent legal advisor.

Earlier, Brookfield Asset Management relocated its head office to New York from Toronto in large part to gain better exposure to U.S. indexes and improve its stock price.