Brookfield Business Corp. (BBUC, BBUC.TO) announced Thursday its agreement to sell global construction business Multiplex to Japanese construction company Obayashi Corp. (OBYCF,1802.T) for $650 million.
In pre-market activity on the NYSE, Brookfield shares were gaining around 2.13 percent, trading at $32.59, after closing Wednesday's regular trading 2.27 percent lower.
In Tokyo, Obayashi shares closed Thursday's regular trading at 3,266.00 yen, up 2.16 percent.
The deal price includes around $530 million of cash proceeds on closing and an earn-out based on future business performance.
Earlier in the day, Obayashi had announced its agreement to acquire BCI UK Holdings Limited, the holding company that owns Multiplex Global Ltd, without detailing deal price or closing period.
Obayashi said the decision followed discussions regarding a strategic partnership with Multiplex, with whom Obayashi previously collaborated on the main stadium for the Sydney Olympic Games.
In its statement, Brookfield Business said the sale is expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals.
Following the acquisition, Multiplex, BCI and select units will become Obayashi's specified subsidiaries.Multiplex will continue to operate independently, while benefiting from the strength of its new owner.
Multiplex, with around 2,500 employees, operates building construction businesses in Australia, the United Kingdom and Canada. In fiscal 2025, the firm recorded net sales of around $3.80 billion and EBITDA of around $62 million.
Multiplex was acquired by Brookfield in 2007. After spinning out its real estate assets and facilities management business, Multiplex became a standalone construction business as part of Brookfield Business in 2016.
Anuj Ranjan, CEO of Brookfield Business, said, "Since acquiring it, we have worked with management to sharpen operational focus, strengthen profitability and reposition the business for its next chapter. With this transaction, we have secured nearly $1 billion in proceeds - equivalent to over $4 per share of cash from asset sales and distributions since the start of the year. Demand for what we do - buying and operationally transforming essential industrial and services businesses - has rarely been stronger."
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