TORONTO - A group led by Brookfield Business Partners LP has agreed to buy a 55 per cent interest in Ouro Verde, a Brazilian heavy equipment and fleet management company, in a deal valued at about $209 million.

Ouro Verde leases more than 25,000 heavy equipment and light vehicles under multi-year contracts and provides related maintenance, operations, and other services to a diversified base of clients.

The total value of the deal is US$170 million with Brookfield Business Partners committing to fund up to US$70 million of the equity on closing. Brookfield may also syndicate some of its investment with other institutional investors.

The transaction, which is subject to approvals, is expected to close by the end of 2018.

Brookfield Business Partners is part of the Toronto-based Brookfield Asset Management group of companies, which has about $375 billion (US$285 billion) of assets under management.