Brookfield, through its private equity strategy, today announced that it has agreed to sell its global construction business Multiplex to Obayashi Corporation, one of Japan’s largest construction companies, for US$650 million.
The deal includes approximately US$530 million of cash proceeds on closing, along with an earn-out tied to future business performance.
Multiplex was founded in Australia in 1962 and acquired by Brookfield in 2007.
After spinning out its real estate assets and facilities management business, Multiplex became a standalone construction business in 2016 as part of Brookfield Business Corporation, the flagship listed vehicle of Brookfield’s private equity group.
Today, Multiplex maintains significant operations across Australia, the United Kingdom and Canada.
Over the years, the business has delivered many of the world’s most complex and iconic developments spanning the commercial, residential, healthcare, infrastructure, hospitality and mixed-use sectors.
Anuj Ranjan, CEO of Brookfield’s Private Equity Group, 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.”
Toshimi Sato, CEO of Obayashi Corporation, said: “We are delighted to welcome Multiplex to the Obayashi Group.
“This transaction represents a significant milestone in advancing our strategy to expand our business globally, particularly in key markets such as Australia, the United Kingdom and Canada.
“Multiplex is a highly respected contractor with a strong track record of delivering complex, high-quality projects, and we have long admired its technical capabilities and market position.
“By combining our respective strengths – including engineering expertise, client networks and financial resources – we are confident that this partnership will enable Multiplex to accelerate its growth and further strengthen its position in its core markets, while contributing to the sustainable growth of the Obayashi Group.”
Multiplex Global CEO John Flecker said: “This is a milestone moment for Multiplex.
“There is a clear alignment of values and aspirations between Multiplex and Obayashi, a firm established more than 130 years ago, and we see significant opportunity ahead.
“Our operations, projects and brand remain unchanged, and our leadership team will continue to lead the business into its next chapter.”
For Brookfield, the sale reflects a broader strategy of recycling capital across its private equity portfolio, allowing the firm to redeploy proceeds into new opportunities while crystallising returns on a nearly two-decade-old investment.
Since taking ownership of Multiplex, Brookfield has overseen a period of restructuring that separated the construction arm from the company’s real estate and facilities operations, positioning it as a focused, standalone contractor under the Brookfield Business Corporation umbrella.
For Obayashi, the acquisition marks a notable step in its international expansion plans.
The Japanese construction giant, with a history stretching back more than 130 years, has identified Australia, the United Kingdom and Canada as priority markets for growth.
By bringing Multiplex into its fold, Obayashi gains an established platform with deep client relationships and a long history of executing large, complex projects in those regions.
Both companies emphasised continuity as part of the transition.
Multiplex’s operations, ongoing projects and brand identity are expected to remain unchanged following the deal’s completion, with the existing leadership team, led by Global CEO John Flecker, continuing to run the business.
The transaction is subject to customary closing conditions and regulatory approvals.
It is expected to close in the fourth quarter of 2026, at which point Multiplex will officially become part of the Obayashi Group while continuing to operate under its own name and management structure.
