Bermuda private equity firm Brookfield Business Partners has agreed to divest its stake in Canadian facilities management services firm BGIS for $1 billion.

Brookfield Business, the subsidiary of Brookfield Asset Management, will sell the 26 percent ownership interest in BGIS will be sold to CCMP Capital Advisors.

Ropes & Gray LLP and McCarthy Tétrault LLP are acting as legal counsel to CCMP with assistance from Australian counsel, Clayton Utz while Morgan Stanley is serving as the CCMP’s financial advisor.

The transaction is expected to close in the second quarter of 2019, subject to customary closing conditions.