Brookfield Agrees to $2.9 Billion Takeover of Australia’s Reliance Worldwide

Global investment firm Brookfield has agreed to acquire Australian plumbing-products manufacturer Reliance Worldwide Corporation in a deal valued at about $2.9 billion, marking one of the latest major takeover transactions involving an Australian company as international investors continue to target businesses across the country.

Reliance Worldwide announced the agreement on Wednesday, September 16, with its board unanimously recommending the transaction to shareholders. The deal values the company at approximately A$4.1 billion, including debt, and represents a significant corporate transaction for the Australian industrial sector. Reliance Worldwide shares rose more than 7% following news of the agreement.

Under the agreement, Brookfield will offer A$4.75 per share in cash. The transaction follows several approaches by Brookfield earlier in the year before the investment firm secured an agreement with Reliance Worldwide. The companies have also agreed to a “go-shop” provision, allowing Reliance Worldwide to consider competing proposals for a limited period.

The takeover comes at a challenging period for Reliance Worldwide, whose business has been affected by tariffs, weaker volumes and higher costs. The company reported a 4% decline in sales in the Americas during fiscal 2026, while adjusted operating earnings fell 11%, according to Reuters. North America is Reliance Worldwide’s largest market, making changes in the U.S. housing and construction sectors particularly important to the company’s performance.

Brookfield said it sees opportunities to expand the company’s products and improve its operations. The investment firm has described Reliance Worldwide as a market-leading industrial business with further growth opportunities, while its global industrial experience and exposure to the U.S. housing market are expected to support its plans for the company.

The transaction also highlights the growing level of international interest in Australian companies. Reuters reported on September 16 that Australian businesses have attracted a wave of takeover interest from private-equity firms and overseas investors during 2026. Other significant transactions and proposals have involved companies including Atlas Arteria, Cleanaway Waste Management and Steadfast, reflecting strong activity across several parts of the Australian corporate market.

For Brookfield, the acquisition provides greater exposure to the plumbing and construction-products market, including the large North American market. Reliance Worldwide operates across Australia, the United States, Canada and Mexico, giving the buyer an established international business rather than a company focused solely on its home market.

The deal nevertheless comes with several conditions and uncertainties before completion. Reliance Worldwide’s “go-shop” arrangement means the company can consider alternative proposals, potentially opening the door to another bidder. Brookfield would retain certain rights under the agreement if a competing offer emerges.

The takeover is also significant because of the broader economic environment facing industrial companies. Higher costs, trade restrictions, changing housing-market conditions and geopolitical uncertainty have created challenges for businesses with international supply chains and significant exposure to North American construction activity.

Reliance Worldwide’s board said the agreed cash consideration provides shareholders with greater certainty at a time when the company faces a difficult external environment. The company’s recent financial performance, particularly in the Americas, has underscored the pressure created by tariffs and weaker volumes.

The transaction is therefore more than a single corporate takeover. It reflects the continuing role of private equity and international investment firms in Australia’s mergers-and-acquisitions market, where overseas buyers have been pursuing companies across infrastructure, industrials, waste management, financial services and other sectors.

For shareholders, attention will now turn to the formal approval process and whether any competing bidder emerges during the go-shop period. For Brookfield, the proposed acquisition represents an opportunity to take control of a multinational industrial company while pursuing operational and product-growth opportunities across key markets.

If completed, the $2.9 billion Reliance Worldwide takeover will add another major transaction to an increasingly active Australian M&A market and demonstrate continued international investor interest in Australian businesses despite the uncertainty surrounding tariffs, interest rates, housing activity and global economic conditions.