Brookfield is in advanced negotiations to acquire global manufacturer PGP Glass from Blackstone.
The deal is valued between $1.3 billion and $1.5 billion.
A binding agreement is expected within the next two to three weeks.
Blackstone originally acquired the company, formerly known as Piramal Glass, in 2020.
The sale marks a strategic pivot for Blackstone, which previously planned a 2026 initial public offering for the unit.