On April 7, 2022, Brookfield Business Partners, in partnership with institutional partners, agreed to purchase CDK Global Inc. for $54.87 per share, a deal valued at roughly CAD1.45 billion ($8.3 billion). CDK Global, with CAD2.3 billion ($1.7 billion) in annual revenue, specializes in technology services and software solutions for automotive dealers and manufacturers, boasting a robust dealer management software system. The acquisition was highlighted by Doug Bayerd of Brookfield as a strategic expansion of their technology portfolio, aiming to capitalize on CDK Global's strong market position and high cash generation. CDK Global's market leadership in North America, its sustainable business model featuring subscription-based software with recurring revenue, and its critical role in the automotive dealership value chain were key investment highlights. Brookfield identified significant opportunities to enhance CDK Global's operational services, aiming to improve customer value and financial performance. The investment is to be funded with CAD4.83 billion ($3.5 billion) in equity, with Brookfield Business Partners contributing about CAD690 million ($500 million), and the remainder from institutional partners. Funding will include a CAD690 million ($500 million) commitment from Brookfield Asset Management in perpetual preferred equity securities of Brookfield Business Partners. The CDK Global Board of Directors approved the transaction, which awaits shareholder majority tender and regulatory approvals, expected to conclude in the third quarter of 2022. The financing syndicate includes prominent banks such as Credit Suisse and Goldman Sachs. Davis Polk & Wardwell LLP acted as legal advisors to Brookfield for this transaction.