Brookfield Business Corporation has announced its agreement to sell Multiplex, the construction company famed for building London's iconic Wembley Stadium, to Japan's Obayashi Corporation. The deal is valued at a total of $650 million.
Under the terms of the agreement, Brookfield will receive $530 million in cash upon the completion of the sale. Additional conditional payments, based on future business performance, are also part of the deal, according to a statement released by the company on Thursday and reported by Bloomberg News.
The transaction is expected to be finalized in the fourth quarter of this year, subject to closing conditions and necessary regulatory approvals.
Anuj Ranjan, CEO of Brookfield Business, stated that this deal brings the company's total asset sales revenue to approximately $1 billion since the beginning of the year, as reported by Bloomberg News.
Ranjan added, "We are in a very strong position to continue building on the positive momentum we've achieved, especially during the second half of the year."
Founded in 1962, Multiplex operates in markets across Australia, the UK, and Canada, working on construction and development projects in various sectors including healthcare, hospitality, and residential housing.
Among its notable projects are Wembley Stadium in London, the Collins Arch in Melbourne, Australia, and the development of waterfront residential units in Toronto, Canada.
It's worth noting that Brookfield acquired Multiplex in 2007 as part of its strategy to expand in the infrastructure and related services sector.