Brookfield Business Corp. has agreed to sell Multiplex, the construction company that built London's Wembley Stadium, to Japan's Obayashi Corp. for US$650 million. Founded in 1962, Multiplex operates across Australia, the United Kingdom and Canada, constructing buildings and developments in sectors including health-care, hospitality and residential. Notable projects have included Wembley Stadium, Collins Arch in Melbourne and homes on Toronto's waterfront.
Under the terms of the deal, Brookfield will receive US$530 million in cash on closing and an earn-out based on future business performance, according to a statement Thursday. The transaction is expected to complete in the fourth quarter, pending closing conditions and regulatory approvals.
Anuj Ranjan, chief executive of Brookfield Business, said the deal meant his firm had hit about US$1 billion in proceeds from asset sales this year. “We are in an excellent position to build on our strong momentum in the second half of the year,” Ranjan said.
Brookfield acquired Multiplex in 2007. The sale to Obayashi Corp. marks a significant divestiture for Brookfield as it continues to optimize its portfolio.
