CANBERA (dpa-AFX) - Brookfield Asset Management Ltd (BAM, BAM.TO) announced an agreement to acquire 100% of Reliance Worldwide Corporation (RWC.AX), a global manufacturer of plumbing and heating solutions.
The Reliance Board has unanimously recommended the all-cash proposal of US$3.38 per share to shareholders, who will vote on the agreement. The offer values Reliance at an enterprise value of approximately US$2.8 billion.
Reliance, headquartered in the United States, operates across the Americas, Europe, the Middle East (EMEA), and Asia Pacific. The acquisition highlights Brookfield's continued focus on investing in essential infrastructure and industrial businesses with international scale.
Brookfield confirmed that the investment will be funded through its Brookfield Capital Partners strategy and affiliate Brookfield Business Corporation (BBUC, BBUC.TO).
The transaction remains subject to customary closing conditions, including shareholder, regulatory, and government approvals. Pending these approvals, the deal is expected to close in the first quarter of 2027.
RWC.AX was trading at A$4.52 up A$0.19 or 4.39%.
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