(Bloomberg) — A unit of Brookfield Asset Management Inc. agreed to acquire Modulaire Group, the European designer of modular work spaces backed by buyout firm TDR Capital, for about $5 billion, beating out interest from rival Canadian investment firm Onex Corp.

“We look forward to bringing our global scale and capabilities in owning and operating leading infrastructure services businesses to support Modulaire’s growth, in partnership with the management team,” Anuj Ranjan, managing partner of Brookfield Business Partners LP, said in a statement Sunday.

Bloomberg News reported the parties were closing in on the deal earlier, citing people familiar with the matter.

The deal ranks among the biggest private equity transactions in Europe this year, according to data compiled by Bloomberg. It’s also be among the largest-ever deals for the Canadian investment firm’s European private equity business.

Modulaire designs modular buildings that can be rented for work and living, as well as portable storage units. Demand for these services have picked up amid the pandemic as businesses seek to cut costs and shy away from longer-term work-space contracts. The company operates across Europe and in Asia. TDR acquired the company in 2004 and has since expanded it through a string of acquisitions.

The company reported a 27% increase in revenue, including from acquisitions, to 320 million euros in the first quarter. Earnings before interest, taxes, depreciation and amortization rose 44% during the period to 97 million euros, including acquisitions.

Brookfield Business Partners is a unit of the Canadian firm which invests in business services and industrial sectors. The investment firm is weighing a sale of U.K.-based biofuel provider Greenergy, Bloomberg News reported in May.

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