Brookfield (BAM) Sells Wembley Stadium Builder Multiplex to Japan's Obayashi for $650 Million

Brookfield Business Corp has agreed to sell Multiplex, which managed the building of London’s Wembley Stadium, to Japan’s Obayashi Corporation for $650 million.

Brookfield Business Corp announced on Thursday that it has agreed to divest Multiplex, the Perth-founded contractor that managed the building of London’s Wembley Stadium, to Obayashi Corporation in a deal that significantly extends the Japanese construction giant’s international reach.

Shares in Brookfield Asset Management (NYSE: BAM), the wider Brookfield group’s flagship listed vehicle, most recently closed at $47.98 on Wednesday. NYSE markets had not yet opened on Thursday at the time of the announcement.

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Under the deal terms, Brookfield will receive $530 million in cash at closing, with an earn-out linked to Multiplex’s future business performance accounting for the remainder of the $650 million total, according to a company statement. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and closing conditions.

Multiplex, founded in Perth in 1962 and taken private by Brookfield from 2007, generated approximately US$3.8 billion in sales in its 2025 financial year, according to data cited by Obayashi. The company currently employs around 2,500 people across operations in Australia, the United Kingdom, and Canada.

About the Buyer

Obayashi Corporation, one of Japan’s five largest construction companies, was founded 135 years ago and is headquartered in Tokyo. The group employs approximately 18,000 people across 156 companies globally and has stated its ambition to grow its international business to a scale equal to or exceeding its domestic Japanese revenue. Obayashi and Multiplex have an established working relationship, having previously collaborated on the Sydney Olympic Stadium. The company has flagged further expansion of Multiplex’s operations in Canada following completion. According to The Urban Developer, Obayashi also cited Multiplex’s record in hospitals and data centres as a key attraction.