Japanese construction giant Obayashi Corporation has agreed to acquire international contractor Multiplex from Canadian owner Brookfield Business Corporation in a transaction valued at £492m.
The deal brings one of the world’s leading contractors under the ownership of one of Japan’s largest construction groups, strengthening Obayashi’s international presence across key markets including the UK, Australia and Canada.
Multiplex was acquired by Brookfield in 2007 and became a standalone construction business within Brookfield Business Corporation in 2016. Since then, the company has maintained a strong position in major construction sectors, particularly within the London commercial property market, where it has delivered some of the capital’s largest and most complex developments.
The contractor operates across a broad range of sectors and has established a reputation for delivering large-scale commercial, residential, mixed-use and infrastructure projects.
Anuj Ranjan, CEO of Brookfield Business Corporation, said: “Multiplex is a leading global construction business with a track record of delivering some of the most complex large-scale projects in the world.
“Since acquiring it, we have worked with management to sharpen operational focus, strengthen profitability and reposition the business for its next chapter.”
The acquisition represents a significant expansion of Obayashi’s overseas construction portfolio and provides the Japanese group with a stronger foothold in markets where Multiplex has developed long-standing client relationships and delivery expertise.
Recent financial results highlight the scale of Multiplex’s operations in Europe. Multiplex Construction Europe reported turnover of £973m in 2025, generating a pre-tax profit of £9.8m and employing approximately 700 people.
The company has remained active on a number of major projects and continues to be regarded as one of the leading contractors in the UK commercial construction sector.
The transaction marks the end of Brookfield’s nearly two-decade ownership of the business and signals the start of a new phase under Obayashi, which has a long history of delivering major construction and infrastructure projects across Asia and international markets.
Completion of the deal is expected to further strengthen Multiplex’s ability to pursue large-scale opportunities while benefiting from the resources, technical expertise and global reach of its new parent company.
