Brookfield Sells Multiplex for $650M
Brookfield Business has agreed to sell its global construction business Multiplex to Obayashi Corporation, one of Japan's largest construction companies, for $650M including approximately $530M of cash proceeds on closing and an earn-out based on future business performance. With this transaction, Brookfield has secured nearly $1B in proceeds - equivalent to over $4 per share of cash from asset sales and distributions since the start of the year. Founded in Australia in 1962, Multiplex was acquired by Brookfield in 2007. Multiplex became a standalone construction business as part of Brookfield Business Corporation in 2016. Multiplex has significant operations across Australia, the United Kingdom and Canada. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in Q4.
