Brookfield finalizes $1.7B acquisition of Chemelex from nVent Electric

On February 3, 2025, Brookfield Asset Management, through one of its private equity funds and in partnership with its listed affiliate Brookfield Business Partners (NYSE: BBU; TSX: BBU.UN, BBUC), completed its acquisition of Chemelex, a leading global provider of electric heat tracing systems, from nVent Electric Plc. The deal, valued at USD 1.7 billion (approximately CAD 2.3 billion), expands Brookfield’s footprint in the industrial energy infrastructure sector.

Chemelex, headquartered in the U.S., is known for its advanced wiring and temperature regulation systems used in industrial and commercial facilities, as well as in clean energy applications. With a legacy dating back to 1972, the company provides essential services to customers across multiple critical sectors including traditional energy, infrastructure, and renewables.

Goldman Sachs & Co. LLC served as financial advisor to nVent, and Foley & Lardner LLP provided legal counsel for the seller. On the buyer's side, Simpson Thacher & Bartlett LLP represented the funds affiliated with Brookfield Asset Management.

Brookfield Business Partners contributed approximately USD 210 million for a 25% stake, with the remainder of the equity provided by institutional partners. The deal was announced and closed on the same day—February 3, 2025—furthering Brookfield’s strategic goal of acquiring high-quality, essential service businesses globally.

Deal Type

Merger & Acquisition

Industry

Energy

Transaction

$ 2,300,000,000

Deal Status

Closed

Closing Date

03 February 2025