Brookfield Strikes $2.9B Deal for Australia's Reliance Worldwide
BN is trading near its 52-week low of $37.02 (1.2% above the low).
Summary
Brookfield has agreed to acquire Reliance Worldwide for $2.9 billion, expanding its industrial portfolio. The deal is valued at $2.8 billion enterprise value. The target will continue to solicit alternative proposals, which could lead to a higher bid or a competing offer. This follows Brookfield's recent string of large acquisitions, including Aypa Power and Oaktree, and adds to its growing presence in Australia. The deal is subject to shareholder and regulatory approvals, with no closing date yet announced.
At the time of this announcement, BN was trading at $37.47 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $82.9B. The 52-week trading range was $37.02 to $49.57. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Reuters.