MULTIPLEX GLOBAL acquired by OBAYASHI CORPORATION
Context
Obayashi Corporation has announced the acquisition of Multiplex Global Limited, which will become a consolidated subsidiary of the Japanese group. This move is part of Obayashi's international expansion strategy, aimed at strengthening its presence in stable and growing construction markets, particularly in Australia, the UK, and Canada. The acquisition follows strategic partnership discussions between the two groups, built on a long-standing collaborative relationship and industrial complementarity. The goal of the transaction is to provide Obayashi with access to an established construction platform in key geographies, leveraging Multiplex's recognized expertise in complex projects and strong local market positioning. As part of this deal, Obayashi plans to leverage Multiplex's operational capabilities and order book to accelerate its international growth. The Japanese group intends to support the growth of its new subsidiary by mobilizing its financial and industrial resources, while preserving the operational autonomy necessary to manage local markets. This transaction marks a significant milestone in Obayashi's geographic diversification strategy, aiming to bolster its revenue base outside of Japan by capitalizing on markets characterized by high visibility and structural infrastructure needs.
In the past, Multiplex Global underwent an LBO led by Brookfield in 2007.
MULTIPLEX GLOBAL, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of .
Target
Multiplex Global Limited is a leading international construction group with a strong presence in Australia, the UK, and Canada. Emerging from the restructuring of the historic Multiplex group, which has its roots in Australia dating back over sixty years, the company has established itself as a major player in the delivery of complex infrastructure and building projects. The group specializes in large-scale projects, including high-rise buildings, hospitals, data centers, and mixed-use urban developments. Its positioning is built on a recognized expertise in managing complex, high-value-added projects, combining engineering, execution, and integrated site management. With an established presence in strategic construction markets, including Australia, which is driven by demographic growth and urbanization needs, the UK, with a strong foothold in London, and Canada, a growing market supported by a dynamic of public and private investments, Multiplex boasts a significant project portfolio and a robust order book, providing the group with substantial operational visibility.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (USD)
Other operations with MULTIPLEX GLOBAL
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2007 | BROOKFIELD | MULTIPLEX GLOBAL | UNITED KINGDOM | Construction |
REFERENCES
Valuation range: EV 500M - 1.5b USD
Revenue range: 2.5b - 5b USD
EBITDA range: 50M - 100M USD
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Press release: view release
Target: multiplex global
Acquirer: obayashi corporation