The seller is Brookfield Business Corporation ($BBUC on the NYSE, $BBUC.TO on the TSX), not Brookfield Asset Management. On June 18, 2026, it agreed to sell its global construction arm, Multiplex, to Japan's Obayashi Corporation for $650 million, including about $530 million in cash at closing plus an earn-out. The deal was still pending at the last company update, which set closing for the fourth quarter of 2026. Since the announcement, Australia's competition regulator has reportedly cleared it, and BBUC stock has given back its deal-day gain and more.
The terms
Brookfield Business Corporation announced the sale from Toronto in a June 18, 2026 release.
| Term | Detail |
|---|---|
| Seller | Brookfield Business Corporation ($BBUC, NYSE and TSX) |
| Buyer | Obayashi Corporation, "one of Japan's largest construction companies" |
| Headline value | $650 million |
| Cash at closing | About $530 million |
| Remainder | Earn-out based on future business performance (arithmetic: about $120 million) |
| Conditions | Customary closing conditions and regulatory approvals |
| Expected close | Fourth quarter of 2026 |
Multiplex was founded in Australia in 1962 and acquired by Brookfield in 2007. It became a standalone construction business inside Brookfield Business Corporation in 2016, after its real estate and facilities management arms were spun out. It has significant operations in Australia, the United Kingdom and Canada.
CEO Anuj Ranjan presented the sale as capital recycling: "With this transaction, we have secured nearly $1 billion in proceeds – equivalent to over $4 per share of cash from asset sales and distributions since the start of the year."
Note the structure. About 81.5% of the headline price ($530M / $650M) arrives in cash at closing. The rest depends on how Multiplex performs under its new owner, so the math treats $530 million as the firm number and $650 million as the full-payout case.
What has happened since
- July 28, 2026: MLex reported that the Australian Competition & Consumer Commission (ACCC) was reviewing Obayashi's proposed acquisition.
- July 31, 2026: BBUC's second-quarter release restated the terms and said "Closing is expected in the fourth quarter of 2026." Ranjan said the company had generated "over $1.2 billion of proceeds from asset sales and distributions" since the start of the year, "including our agreement to sell Multiplex."
- August 19, 2026: MLex reported that the ACCC approved the deal after a Phase 1 review. Per that report, the regulator found "limited horizontal overlap" because Obayashi has a small presence in Australia.
BBUC's latest results release, dated July 31, 2026, still described the deal as pending, and no completion announcement had surfaced as of the October 23, 2026 close.
The second-quarter numbers give context. Net income attributable to shareholders was $37 million ($0.18 per Class A share), against $26 million ($0.12) a year earlier. Adjusted EBITDA was $587 million, against $591 million. BBUC ended the quarter with $1.9 billion of available liquidity, or about $2.8 billion pro forma for announced and recently closed deals, per its Q2 release.
The math: what Multiplex is worth per BBUC share
BBUC reported a weighted average of 206.2 million Class A shares outstanding for the second quarter of 2026. Using that count:
- Headline value: $650 million / 206.2 million is about $3.15 per share.
- Cash at closing: $530 million / 206.2 million is about $2.57 per share.
- Against the stock: $2.57 is about 9.2% of the $27.81 NYSE close on October 23, 2026.
| Session | $BBUC (NYSE, USD) | $BBUC.TO (TSX, CAD) |
|---|---|---|
| June 17, 2026 | $31.91 | C$45.13 |
| June 18, 2026 (deal announced) | $33.09 | C$46.77 |
| October 23, 2026 | $27.81 | C$38.91 |
| Deal-day change | +3.70% | +3.63% |
| June 18 to October 23 | -15.96% | -16.81% |
Arithmetic: $33.09 / $31.91 - 1 = 3.70%. $27.81 / $33.09 - 1 = -15.96%. C$46.77 / C$45.13 - 1 = 3.63%. C$38.91 / C$46.77 - 1 = -16.81%.
The market liked the sale on the day. It has not rewarded the broader story since. The cash from the sale has not closed yet, and the stock now trades well below its June level even as management keeps reporting asset-sale proceeds.
Why the right ticker matters
The original version of this article named Brookfield Asset Management ($BAM) as the seller. That was wrong. Brookfield runs several separately listed companies, and they do very different things. The Multiplex proceeds go to BBUC, the operating-business arm, not to the asset manager. Before trading any Brookfield headline, check which listed vehicle is involved. Recent Brookfield-branded deals covered here include the Bloom Energy financing, the Boralex acquisition and the Reliance Worldwide bid. Traders who confuse the tickers end up trading the wrong exposure.
What to watch
- A closing announcement: management's target is the fourth quarter of 2026. The reported ACCC clearance removes one regulatory step, and BBUC has not listed the others publicly.
- Use of the about $530 million: BBUC cites growth investment and its "consistent practice of share purchases when it is attractive to do so." Investors watch which gets more of the cash.
- Earn-out disclosure: any detail on what Multiplex must achieve to pay the remaining roughly $120 million.
More Canadian and US deal coverage is on the Trading Tips For You homepage.
Bull/Bear Verdict
Bull Case: BBUC exits a construction business for about $530 million in cash at closing, plus earn-out upside, with the ACCC reportedly already on board. Combined with other sales, that is more than $1.2 billion of 2026 proceeds and about $2.8 billion of pro forma liquidity to recycle into buybacks or new buys while the stock is 15.96% below its June 18 close.
Bear Case: Roughly $120 million of the headline price is contingent, and the deal had still not closed at the last update. The cash at closing equals only about $2.57 per share, about 9.2% of the stock price. Adjusted EBITDA was slightly lower year over year in Q2, and the stock has fallen since the sale despite management's capital-recycling message.
FAQ
Which Brookfield company sold Multiplex?
Brookfield Business Corporation, which trades as $BBUC on the NYSE and the TSX. Brookfield Asset Management ($BAM) was not the seller.
How much is Obayashi paying?
$650 million, including about $530 million in cash at closing and an earn-out based on Multiplex's future performance.
Has the Multiplex sale closed?
Not as of BBUC's latest disclosures. The July 31, 2026 results release said closing is expected in the fourth quarter of 2026.
Did regulators approve the deal?
MLex reported on August 19, 2026 that Australia's ACCC approved it after a Phase 1 review. BBUC has not announced completion.
Updated October 26, 2026: rewritten with terms from Brookfield Business Corporation's June 18 release and Q2 2026 report, the reported ACCC clearance and NYSE/TSX price data through the October 23, 2026 close. Correction: the original named Brookfield Asset Management Inc. ($BAM) as the seller. The seller is Brookfield Business Corporation ($BBUC).