Construcciones Yamaro: Brookfield to sell Multiplex to Japan’s Obayashi Corporation
Brookfield, through its private equity strategy, has agreed to sell Multiplex to Obayashi Corporation, one of Japan’s largest construction companies, for US$650 million. The transaction includes about US$530 million in cash proceeds on closing and an earn-out based on 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 in 2016, it became a standalone construction business as part of Brookfield Business Corporation, the flagship listed vehicle of Brookfield’s private equity group.
With operations in Australia, the UK and Canada, Multiplex’s global portfolio includes complex developments across 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 shareholders and reflects Brookfield’s ability to recycle capital while supporting business growth.
“Multiplex is a leading global construction business with a track record of delivering some of the most complex large-scale projects in the world,” said Ranjan. “Since acquiring it, we have worked with management to sharpen operational focus, strengthen profitability and reposition the business for its next chapter.”
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John Flecker, global CEO of Multiplex, described the sale as a milestone for the company.
“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,” said Flecker. “Our operations, projects and brand remain unchanged, and our leadership team will continue to lead the business into its next chapter.”
Toshimi Sato, CEO of Obayashi Corporation, welcomed 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 UK and Canada,” said Sato.
“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.”
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2026.
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