Brookfield Business Partners L.P. (NYSE:BBU) agreed to acquire Modulaire Group. from TDR Capital LLP and others for $5 billion on June 27, 2021. Brookfield's investment will be funded with approximately $1.6 billion of equity. Brookfield Business Partners intends to fund approximately $500 million, with the balance being funded by institutional partners. Prior to or following closing, a portion of Brookfield Business Partners' commitment may be syndicated to other institutional investors. The current management team of Modulaire, led by Chief Executive Officer, Mark Higson, will remain with the group. The transaction, which is subject to customary regulatory and competition clearances, is expected to close in Q4 2021. As of November 29, 2021, the transaction is still subject to customary regulatory and competition clearances, is expected to close in December 2021. Will Aitken Davies, Chris Smale and David J. Irvine of Linklaters LLP acted as legal advisors to Modulaire. Mark R. Sorrell and George Horton of Goldman Sachs International; J.P. Morgan Limited; Daniel Blank, Peter Krowinkel and Anthony Zammit of Morgan Stanley & Co. Limited; and STJ Advisors Group Limited acted as financial advisors to Modulaire and TDR Capital LLP. Morris Dominic & Tilley, Alexander of Allen & Overy LLP acted as legal advisor to Brookfield. Citigroup Inc. (NYSE:C) and BofA Securities, Inc. acted as financial advisor to Brookfield Business Partners L.P. As of November 30, 2021 the transaction is expected to close in November 2021. Jeff White of Weil, Gotshal & Manges LLP acted as legal advisor to Brookfield.

As of December 15, 2021, a portion of the Modulaire acquisition was funded with approximately $3 billion of non-recourse borrowings, net of debt issuance costs. Modulaire Group reported revenue of $1.3 billion and net income of -$102 million ending December 31, 2021.