Obayashi Corporation acquires Tier 1 contractor Multiplex in $3.8bn construction expansion

Japanese construction group Obayashi Corporation has announced it will acquire 100% of the shares of Multiplex Global Limited, a London-headquartered Tier 1 construction company operating across Australia, the United Kingdom and Canada, in a move that significantly expands the group's international construction platform. As reported by Obayashi Corporation's corporate newsroom, the share transfer agreement was signed on 18 June 2026, with completion scheduled for late September 2026.

Multiplex recorded net sales of approximately $3.8 billion (€3.5 billion) and EBITDA of approximately $62 million (€57.1 million) in FY2025, and employs approximately 2,500 people. Its Australian predecessor entity was established in 1962 and has been engaged in construction activity for over 60 years, with Multiplex Global Limited formally established in 2016 following a restructuring of the group's operations by its then-parent company.

Multiplex holds a strong position across high-value project categories including high-rise buildings, hospitals and data centres in Australia, office and mixed-use developments in London, and civic and community infrastructure in Canada. Key completed projects include the Quay Quarter Tower in Sydney, the New Footscray Hospital in Melbourne, the Western Sydney International Airport Terminal, and 30 Grosvenor Square in London.

The acquisition builds on a long-standing relationship between the two groups. Obayashi Corporation previously collaborated with Multiplex on the main stadium for the Sydney Olympic Games, and the two companies entered into discussions regarding a strategic partnership prior to the acquisition decision.

Obayashi has defined its sustainable growth strategy around building a group-wide business structure in which businesses outside domestic construction generate performance equal to or greater than its Japanese home market operations. The group has been actively expanding in North America and Southeast Asia, and identified Australia as one of its most important target markets, supported by population growth, urban development demand and stable economic conditions.

Through the acquisition, Obayashi aims to accelerate full-scale expansion into the Australian and UK construction markets and further strengthen its business foundation in Canada, where steady growth is also expected to support further expansion over time.

Multiplex's substantial order backlog and established client relationships across three active construction markets give Obayashi immediate scale and delivery capability in geographies where it previously had limited direct presence. The combined entity will leverage Obayashi's management resources to support Multiplex's further growth and enhance competitiveness across its global operations.

View the acquisition announcement and Multiplex project portfolio in the full story.