Brookfield Corp. will sell its global construction business, Multiplex, to Japan's Obayashi Corporation. The sale price is US$650 million, approximately AU$924 million. The deal includes US$530 million in cash upon closing. The remaining amount is structured as a performance-based earn-out. This transaction aligns with Brookfield's strategy to recycle capital from its private equity holdings.
Obayashi, one of Japan's largest construction firms, views the acquisition as a key step in its global expansion strategy. Multiplex has a strong presence in Australia, the U.K., and Canada. Brookfield acquired the Australian-founded Multiplex in 2007. It later spun out Multiplex's real estate and facilities management assets. Multiplex will continue operating under its own brand.