Brookfield Agrees to US$2.9 Billion Acquisition of Australia's Reliance
By Stuart Condie
SYDNEY--Brookfield Asset Management agreed to acquire Reliance Worldwide in an all-cash deal that values the plumbing-supplies manufacturer at US$2.9 billion.
Australia-listed Reliance, which operates domestically and in countries such as the U.S., Canada and Mexico, on Wednesday said Brookfield firmed its US$3.38-a-share proposal after four weeks of exclusive due diligence.
Reliance said its directors unanimously recommended the offer to shareholders, who could opt to receive U.S. dollars or 4.75 Australian dollars a share.
The stock was at A$4.33 ahead of Wednesday's open.
Brookfield viewed Reliance as a global, market-leading industrial company with value creation opportunities, said Anuj Ranjan, chief executive of Brookfield's private-equity group.
"Brookfield's global operating expertise in industrials and the U.S. housing ecosystem positions us well to support Reliance in its next phase of growth and over the long term," Ranjan said.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
September 15, 2026 19:56 ET (23:56 GMT)
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