Brookfield Business has agreed to divest its global construction unit Multiplex to Obayashi for $650m, including $530m cash at closing and a performance-based earn-out, targeting completion in Q4 2026. Multiplex employs 2,500 staff and recorded $3.8bn in FY2025 net sales across Australia, Canada, the UK and other markets.
Brookfield Business has agreed to sell its global construction arm, Multiplex, to Japan’s Obayashi for $650m. The deal comprises $530m in cash at closing plus an earn-out tied to future performance, with customary closing conditions and regulatory approvals expected to be met by Q4 2026.
Founded in Australia in 1962 and acquired by Brookfield in 2007, Multiplex operates as a stand-alone construction company under Brookfield Business since 2016. The firm employs around 2,500 people and reported approximately $3.8bn in net sales for the 2025 financial year, delivering projects across Australia, Canada, the UK and other markets.
The transaction supports Brookfield’s capital recycling strategy, bringing total proceeds from asset sales and distributions to nearly $1bn this year. Shareholders stand to receive over $4 per share in cash distributions as a result of this divestment.
Obayashi plans to integrate Multiplex’s project portfolio and management capabilities to strengthen its presence in Australia, the UK and Canada. The acquisition is expected to accelerate Obayashi’s expansion in key global construction markets.
