Brookfield Business Corporation announced that it has agreed to sell its global construction business Multiplex to Obayashi Corporation for $650 million.
The transaction includes approximately $530 million of cash proceeds at closing and an earn-out based on future business performance. Obayashi is one of Japan’s largest construction companies.
Founded in Australia in 1962, Multiplex was acquired by Brookfield in 2007. After Brookfield spun out its real estate assets and facilities management business, Multiplex became a standalone construction business within Brookfield Business Corporation in 2016.
Multiplex has major operations across Australia, the United Kingdom, and Canada. The company has delivered large-scale projects across commercial, residential, healthcare, infrastructure, hospitality, and mixed-use sectors.
Brookfield said the transaction reflects its ability to recycle capital and support growth across its business. The company also noted that the sale brings proceeds from asset sales and distributions since the start of the year to nearly $1 billion.
The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals.
Brookfield Business Corporation is a global owner and operator of industrial and business services operations. The company is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group.
KEY QUOTES:
“The transaction delivers a strong outcome for our shareholders, demonstrating our ability to continue recycling capital and support the growth of our business. Multiplex is a leading global construction business with a track record of delivering some of the most complex large-scale projects in the world. Since acquiring it, we have worked with management to sharpen operational focus, strengthen profitability and reposition the business for its next chapter.”
“With this transaction, we have secured nearly $1 billion in proceeds – equivalent to over $4 per share of cash from asset sales and distributions since the start of the year. Demand for what we do – buying and operationally transforming essential industrial and services businesses – has rarely been stronger. We are in an excellent position to build on our strong momentum in the second half of the year and continue compounding long-term value for shareholders.”
Anuj Ranjan, CEO of Brookfield Business Corporation
