Brookfield Business has reached an agreement to divest its global construction unit, Multiplex, to Obayashi, a major Japanese construction group, for $650m.
The sale value includes roughly $530m in cash proceeds at closing, along with an earn-out based on Multiplex’s future performance.
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The transaction is subject to standard closing conditions and regulatory approvals, with completion anticipated in the fourth quarter of 2026.
Headquartered in London, UK, Multiplex operates across Australia and Canada, undertaking commercial, residential, healthcare, infrastructure, hospitality and mixed-use developments.
The business, which has its origins in Australia in 1962, was acquired by Brookfield in 2007. Since the separation of its real estate and facilities management operations, Multiplex has functioned as a stand-alone construction company under Brookfield Business Corporation since 2016.
Multiplex employs around 2,500 people and recorded approximately $3.80bn in net sales for the 2025 financial year.
Its key projects in Australia include Western Sydney International Airport Terminal, Sydney Fish Market and ECU City Campus, among others.
Brookfield Business Corporation CEO Anuj Ranjan said: “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.”
Multiplex, a Tier 1 construction firm in Australia, focuses on projects such as high-rise towers, hospitals and data centres. In the UK, especially in London, the company has delivered various office and mixed-use developments.
Ranjan noted that the transaction brings the company’s total proceeds from asset sales and distributions to nearly $1bn since the beginning of the year, amounting to over $4 per share in cash.
Obayashi, through this acquisition, plans to use its management resources to support Multiplex’s further development and aims to strengthen its position in Australia, the UK and Canada.
The company expects the transaction to accelerate its expansion in the respective construction markets.
