Brookfield to Acquire Reliance Worldwide for USD 2.9 Bn
Brookfield agrees to acquire Reliance Worldwide for USD 2.9 billion in an all-cash takeover deal.
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Reliance Worldwide Corporation has agreed to a buyout by Brookfield Asset Management valuing the Australian plumbing products maker at approximately AUD4.1 billion (USD2.9 billion), including debt. Brookfield will pay USD 3.38 per share in cash, equivalent to AUD4.75, after three earlier offers of AUD 4.15, AUD 4.25 and AUD 4.50 were rejected. Shareholders can choose to receive payment in either US or Australian dollars.
Reliance Worldwide’s board unanimously backed the deal, weighing the certainty of cash against execution risk amid US tariffs and economic uncertainty. The company, which owns the SharkBite fittings brand, depends on North America for the majority of its profits and has faced pressure from tariffs, with FY26 revenue down 0.7% to USD 1.31 billion and adjusted EBITDA falling 12.8% to USD 242.1 million.
The agreement includes a “go-shop” provision, unusual in Australian deals, allowing Reliance Worldwide to seek rival bids until October 15, with Brookfield holding the right to match any new offer. Two of Australia’s largest pension funds, AustralianSuper and Aware Super, own about 20.2% of Reliance and will have a significant say in the deal’s approval. The transaction is expected to close in the first quarter of 2027.
“The board is unanimous in its view that this transaction is in the best interests of RWC shareholders,” said Russell Chenu, Chairman, Reliance Worldwide.
Reliance Worldwide Corporation has agreed to a buyout by Brookfield Asset Management valuing the Australian plumbing products maker at approximately AUD4.1 billion (USD2.9 billion), including debt. Brookfield will pay USD 3.38 per share in cash, equivalent to AUD4.75, after three earlier offers of AUD 4.15, AUD 4.25 and AUD 4.50 were rejected. Shareholders can choose to receive payment in either US or Australian dollars.
Reliance Worldwide’s board unanimously backed the deal, weighing the certainty of cash against execution risk amid US tariffs and economic uncertainty. The company, which owns the SharkBite fittings brand, depends on North America for the majority of its profits and has faced pressure from tariffs, with FY26 revenue down 0.7% to USD 1.31 billion and adjusted EBITDA falling 12.8% to USD 242.1 million.
The agreement includes a “go-shop” provision, unusual in Australian deals, allowing Reliance Worldwide to seek rival bids until October 15, with Brookfield holding the right to match any new offer. Two of Australia’s largest pension funds, AustralianSuper and Aware Super, own about 20.2% of Reliance and will have a significant say in the deal’s approval. The transaction is expected to close in the first quarter of 2027.
“The board is unanimous in its view that this transaction is in the best interests of RWC shareholders,” said Russell Chenu, Chairman, Reliance Worldwide.
