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Investment manager Brookfield Business Partners LP said on Monday it will pay $1.3-billion for a 45-per-cent stake in industrial services company BrandSafway from private equity firm Clayton, Dubilier & Rice (CD&R).

The deal values BrandSafway at about $6.7-billion, including debt of about $3.8-billion, according to Reuters calculations.

Brookfield said CD&R will own a 45-per-cent stake after the deal, with the remaining 10 per cent to be held by BrandSafway’s management. CD&R first invested in BrandSafway in 2013.

The deal adds a construction-services company, with customers including ExxonMobil Corp. and Royal Dutch Shell PLC, to Brookfield’s portfolio.

Brookfield, a spinoff from Brookfield Asset Management, primarily invests in business services and industrial operations related companies.

Last year, the company bought Johnson Controls International PLC’s power solutions business, in a deal valued at $13.2-billion.

BrandSafway provides services to more than 30,000 customers across 30 countries and generates more than $5-billion in annual revenue.

Debevoise & Plimpton LLP is the legal adviser to CD&R on the deal, which is expected to close in the first quarter of 2020.

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