India, Feb. 3 -- Brookfield Asset Management (BAM) said on Monday that through one of its private equity funds, together with its listed affiliate Brookfield Business Partners (BBU), it has completed the acquisition of Chemelex from nVent Electric Plc (NVT) for $1.7 billion.
Brookfield's investment was funded with around $830 million of equity, of which Brookfield Business Partners invested approximately $210 million for a 25 percent interest. The balance was funded by institutional partners.
Chemelex is a maker of electric heat trace systems, the specialized wiring systems that regulate the temperature of pipes in industrial plants and commercial buildings.
Dave Gregory, a Managing Partner in Brookfield's Private Equity Group, said: "Ch...