(Reuters) - Brookfield Business Partners LP and its institutional partners said on Monday they would acquire U.S. car parts maker DexKo Global Inc from private equity firm KPS Capital Partners LP for $3.4 billion. Based in Novi, Michigan, DexKo produces engineered trailer running gear and chassis assemblies and has more than 6,000 employees. KPS Capital Partners acquired DexKo Global from Sterling Group LP in 2017. Brookfield Business Partners, which is the listed business services and industrials arm of Canada’s Brookfield Asset Management, said the deal would be funded with about $1.1 billion of equity. Brookfield plans to invest about $400 million towards the deal, expected to close by the year end, with the rest of the funding provided by its institutional partners. The company said the financing will be led by a syndicate of banks which includes Credit Suisse, Deutsche Bank, BMO Capital Markets, Bank of America, Goldman Sachs and RBC Capital Markets. Reporting by Amruta Khandekar; Editing by Shailesh Kuber Our Standards: The Thomson Reuters Trust Principles.