(Adds details on the deal, background)
Sept 30 (Reuters) - Investment manager Brookfield Business Partners LP said on Monday it will pay $1.3 billion for a 45% stake in industrial services company BrandSafway from private equity firm Clayton, Dubilier & Rice (CD&R).
The deal values BrandSafway at about $6.7 billion, including debt of about $3.8 billion, according to Reuters calculations.
Brookfield said CD&R will own a 45% stake after the deal, with the remaining 10% to be held by BrandSafway's management. CD&R first invested in BrandSafway in 2013.
The deal adds a construction services company, with customers including ExxonMobil Corp and Royal Dutch Shell Plc, to Brookfield's portfolio.
Brookfield, a spinoff from Brookfield Asset Management , primarily invests in business services and industrial operations related companies.
Last year, the company bought Johnson Controls International Plc's power solutions business, in a deal valued at $13.2 billion.
BrandSafway provides services to more than 30,000 customers across 30 countries and generates more than $5 billion in annual revenue.
Debevoise & Plimpton LLP is the legal adviser to CD&R on the deal, which is expected to close in the first quarter of 2020. (Reporting by Arunima Kumar and Shariq Khan in Bengaluru; Editing by Sriraj Kalluvila)