Brookfield Business Partners closes Teekay Offshore acquisition

Teekay Offshore Partners



News Release

Brookfield Business Partners Completes Acquisition of 60% of Teekay Offshore

Brookfield, News, September 25, 2017 – Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN) (“Brookfield Business Partners”) together with institutional partners (collectively “Brookfield”) announced today that it has completed the previously announced acquisition of 60% of the common units of Teekay Offshore Partners L.P. (NYSE:TOO) (“Teekay Offshore”), a leading global provider of marine services and solutions focused on production and logistics to the offshore oil industry. Teekay Offshore is a publicly traded affiliate of Teekay Corporation (NYSE:TK), one of the world’s largest marine energy transportation, storage and production companies.

Brookfield’s total investment in Teekay Offshore is approximately $750 million, of which Brookfield Business Partners has funded approximately $310 million.

The transaction positions Brookfield as a strategic partner and co-sponsor of Teekay Offshore, allowing Teekay Offshore to execute on its financial strategy and capture future growth opportunities.

Brookfield Business Partners is a business services and industrial company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges. Further information is available at http://bbu.brookfield.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management, a leading global alternative asset manager with over $250 billion of assets under management. For more information, go to www.brookfield.com.

Media:
Claire Holland Tel: (416) 369-8236
Email: claire.holland@brookfield.com

Investors:
Courtney Burke Tel: (416) 369-2629
Email: courtney.burke@brookfield.com