Teekay Offshore Partners provides marine services and solutions with focus on production and logistics to the offshore oil industry.
The acquisition was originally announced in July, when parent company Teekay also revealed plans to invest in its affiliate to retain a 14% ownership.
At the time of the announcement, Brookfield Business Partners CEO Cyrus Madon said: "Teekay Offshore has established itself as a global leader in the provision of marine services to the offshore oil production industry.
"Our investment represents an opportunity to acquire a high-quality, highly contracted business with presence in attractive markets, and we look forward to supporting Teekay Offshore with its continued growth."
Teekay Offshore provides services such as transportation, oil production, storage, and towing, as well as offshore installation, maintenance and safety services to the oil industry.
Most of the company’s operations are located in the offshore oil regions of the North Sea, Brazil, and the east coast of Canada.
Teekay Offshore owns a fleet of 62 offshore vessels with consolidated assets of around $5.6bn.
The acquisition is expected to strengthen Brookfield Business Partners’ relationship with global exploration and production companies.
Furthermore, it will position the company as a strategic partner and co-sponsor of Teekay Offshore.