Brookfield offers to buy Australian plumbing supplies firm

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeFinanceBrookfield offers to buy Australian plumbing supplies firmThe offer values Reliance Worldwide shares at A$4.75 each, a 32% premiumAuthor of the article:Last updated 0 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Brookfield Place in New York, U.S., on May 14, 2025. Photo by Yuki Iwamura/BloombergBrookfield Asset Management offered to buy Reliance Worldwide Corp. in an all-cash deal that values the Australian plumbing supplies company at around A$4.1 billion (US$2.9 billion).THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe offer values Reliance Worldwide shares at A$4.75 each, a 32 per cent premium to Monday’s closing price, the company said in a statement Tuesday. The stock jumped 23 per cent to A$4.43 at the start of trading in Sydney.Buying Reliance Worldwide would give Brookfield exposure to the U.S. construction and housing market, which generates around 60 per cent of Reliance’s revenue, with the rest split between the Asia-Pacific region, Europe and the Middle East. The Australian firm, which traces its roots back to 1949, is best known for its Sharkbite push-to-connect plumbing fittings that eliminate the need for specialist tools.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againBrookfield has a wide array of assets in Australia, spanning real estate, infrastructure and private equity. In December, it agreed to buy National Storage REIT in partnership with Singapore’s GIC Pte, and also owns electricity and gas distribution network AusNet Services and fiber-cabling firm Uniti.Brookfield and Reliance Worldwide will now engage exclusively for four weeks to complete a binding deal. The agreement comes after Brookfield made three earlier approaches, starting at A$4.15 per share in April. That led to eight weeks of due diligence that resulted in the “meaningfully improved proposal,” Reliance Worldwide said.Goldman Sachs Group Inc. is advising Reliance Worldwide.Separately, Reliance Worldwide said full-year adjusted net income fell 15 per cent to US$125.1 million, dragged down by U.S. tariffs, higher input costs and weaker demand in the U.S. and U.K.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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