ConstructionPatrick LauThu 18 Jun 26
Brookfield Sells Multiplex for $924m to Japan’s Expanding Obayashi
Investment manager Brookfield has sold tier 1 contractor Multiplex to Japanese construction giant Obayashi Corporation, in a deal worth $924 million (US$650 million).
The 135-year old Obayashi, one of Japan’s “Big Five” construction majors, will now hold Multiplex as a subsidiary as it aims to ramp up in international markets including Australia, Southeast Asia and North America.
About $753 million) will come in the form of cash, with an earn-out based on future business performance as part of the deal.
Multiplex made about US$3.8 billion in sales in the 2025 financial year, with EBITDA of about US$62 million, according to Obayashi. However, those figures include “largely dormant” subsidiaries in some markets which will be transferred.
The Australian-founded builder Multiplex was founded in Perth in 1962, and listed on the ASX from 2003 to 2007, before Brookfield acquired sufficient shares to take the company private.
After the Brookfield acquisition, components including the facilities management business and real estate assets were spun off. Multiplex currently employs about 2500 people across its businesses.
The deal is expected to be finalised by late September of this year. Obayashi has flagged further expansion of Multiplex business in key growth markets including Canada.
Obayashi is targeting the development of an international business arm whose performance is equal to or greater than its Japanese revenue. The group already employs about 18,000 across its 156 companies.
At its 2025 annual general meeting, Obayashi reported it was forecasting a gross profit margin of 13 per cent on its $23 billion of net sales.
However, profitability on Japanese contracts were relatively stable due to price adjustment through indexation. Its growing international business, the company noted, would have more variable profit margins.
Multiplex has led major projects across Australia, the UK and Canada for decades, including an earlier collaboration with Obayashi on the Sydney Olympic Stadium. At the time, the project was the largest Olympic stadium ever built, and the largest stadium in Australia.
More recent projects have included the new Sydney Fish Market and Western Sydney International Airport. Obayashi also cited the company’s work on hospitals and data centres as a drawcard.
Meanwhile, Obayashi activity in Australia has included a JV with Built on projects at Walker Corp’s Parramatta Square.
And in March 2026, Brookfield acquired $207 million of NZ hotel assets, while signalling further interest in prime markets with long-term fundamentals.
