Brookfield Asset Management to Sell Construction Business to Japan's Obayashi for $650 Million

By Fabiana Negrin Ochoa

Brookfield Asset Management is selling global construction business Multiplex to Japan's Obayashi Corp. for $650 million as it keeps recycling capital through asset sales.

The consideration includes about $530 million of cash proceeds on closing and a performance-based earn-out, said Brookfield, which has about $1 trillion in assets under management.

Anuj Ranjan, chief executive of Brookfield's private-equity group, said the transaction shows the firm's ability to keep recycling capital and support growth while delivering returns.

In its first-quarter report, the asset manager said it sold a number of investments at strong valuations, monetizing $8 billion.

For Obayashi, the acquisition advances its push to grow its overseas construction business, particularly in North America and Southeast Asia, where it anticipates market growth.

The group said it has been exploring opportunities to enter high-growth markets, citing Australia as one of the most important of these thanks to trends in population growth, urban development and stable economic conditions.

Making Multiplex a consolidated subsidiary will accelerate Obayashi's expansion into the Australian and U.K. construction markets and strengthen its footprint in Canada, it said.

Brookfield acquired Multiplex in 2007. In 2016, it became a standalone construction business as part of Brookfield Business Corp., the flagship listed vehicle of Brookfield's private-equity group.

Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com

(END) Dow Jones Newswires

June 18, 2026 00:19 ET (04:19 GMT)