Multiplex Group bought for $6.5 billion (August 01, 2007)
TORONTO-Brookfield Asset Management has acquired the Multiplex Group, a large Australian property developer, for $6.5 billion. The acquisition, which includes Multiplex operations in Australia, New Zealand, the United Kingdom and the Middle East, also includes Multiplex’s debt of $2.7 billion. When the announcement was made on June 11, Brookfield was offering $5.05 Australian per share.
“We believe that this offer maximises value for all Multiplex security-holders in a structure which provides the certainty of an all-cash offer at a significant premium,” said Jeff Blidner, Managing Partner at Brookfield.
Multiplex, founded in Australia in 1960, is the builder of the $1.6 billion Wembley Stadium in London. The construction of the stadium was delayed for two years and was hundreds of millions of dollars over budget. In 2006, Multiplex announced it expected to lose $156 million on the stadium.
Brookfield Asset Management focuses on property, power and infrastructure assets and has over $70 billion U.S. of assets under management worldwide.
For more information www.brookfield.com