Obayashi Corporation, one of Japan's largest construction groups, agreed on 18 June to acquire Multiplex from Brookfield Business Corporation for $650m, including about $530m in cash at closing and an earn-out.
Why Obayashi Corporation is buying Multiplex
Obayashi described the purchase as a significant step in its overseas expansion, with Australia, the UK and Canada as priority markets, and pointed to the combination of engineering expertise, client networks and financial resources.
“The transaction delivers a strong outcome for our shareholders, demonstrating our ability to continue recycling capital and support the growth of our business.”
Deal terms and financing
Brookfield will receive about $530m in cash at completion, with the balance of the $650m dependent on the business's future performance. Brookfield said the sale brought its proceeds from asset sales and distributions since the start of the year to nearly $1bn.
Regulatory approvals and timing
The deal is subject to customary conditions and regulatory approvals and is expected to close in the fourth quarter of 2026.
Market context
Multiplex was founded in Australia in 1962 and bought by Brookfield in 2007. After its property and facilities management arms were spun out, it became a standalone construction business within Brookfield Business Corporation in 2016. Its operations, projects, brand and leadership are expected to remain unchanged.
