Brookfield Business Partners L.P. (NYSE:BBU) Q3 2022 Results Conference Call November 4, 2022 9:30 AM ET

Company Participants

Alan Fleming - Senior Vice President of Investor Relations

Cyrus Madon - Chief Executive Officer

Denis Turcotte - Chief Operating Officer

Jaspreet Dehl - Chief Financial Officer

Conference Call Participants

Gary Ho - Desjardins

Jaeme Gloyn - National Bank

Operator

Welcome to the Brookfield Business Partners Third Quarter 2022 Results Conference Call and Webcast [Operator Instructions].

Now I'd like to turn the conference over to Alan Fleming, Senior Vice President of Investor Relations. Please go ahead, Mr. Fleming.

Alan Fleming

Thank you, operator, and good morning. Before we begin, I'd like to remind you that in responding to questions and talking about our growth initiatives and our financial and operating performance, we may make forward-looking statements. These statements are subject to known and unknown risks and future results may differ materially. For further information on known risk factors, I encourage you to review our filings with the securities regulators in Canada and the US, which are available on our Web site. Joining me on the call with me today is Cyrus Madon, Chief Executive Officer; Denis Turcotte, Chief Operating Officer; and Jaspreet Dehl, Chief Financial Officer. Cyrus will start with an update on our strategic initiatives and Denis will then provide some perspective on what we're seeing in the current environment. Jaspreet will finish with the discussion of our financial results, and we'll then be available to take your questions.

And with that, I'll pass the call over to Cyrus.

Cyrus Madon

Thanks, Alan and good morning, everyone. Thank you very much for joining us today. While we're operating in a challenging environment, we had a strong third quarter. We generated record adjusted EBITDA of about $630 million, up more than 40% over the prior year. We're really pleased with our results. As many of you know, in October, we reached an agreement to sell Westinghouse to a strategic consortium led by Chemical Corporation and Brookfield Renewable Partners for $8 billion. This is a major milestone for our business that meaningfully advances our capital recycling and supports our growth. We expect to generate about $1.8 billion of net proceeds to BBU and crystallize a 6 times multiple on our investments when combined with all the distributions that we've received to date. We're very pleased with this outcome. And over the last few weeks, unitholders who hold more than half of the votes eligible to be cast, have provided us their support in favor of the transaction. We hope to close the sale in the second half of next year.