Obayashi Corporation (1802): Announced acquisition of UK construction company Multiplex

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Obayashi Corporation (1802): Announced acquisition of UK construction company Multiplex

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Obayashi Corporation (1802)

Announced acquisition of UK construction

company Multiplex

Reiterate Rating: BUY | PO: 4,000 JPY | Price: 3,266 JPY

18 June 2026

Plans to acquire Multiplex for ¥86bn; likely to help Equity

enhance presence in Australia

Takumi Kasai >>

On 18 June, Obayashi Corporation announced the acquisition of UK construction firm Research Analyst

Multiplex. The total consideration is ~USD526mn (c.¥86bn, assuming USD/JPY of BofAS Japan takumi.kasai@bofa.com

159.39). Obayashi plans to acquire 100% of the shares of Multiplex’s holding company

by end-September. The implied EV/EBITDA multiple, based on the transaction value and

Multiplex’s *adjusted consolidated EBITDA for FY12/25, is estimated at c.8.5x.

Stock Data

Multiplex is a building construction company with operations primarily in Australia, as

well as in the UK and Canada. In Australia in particular, it is understood to be one of the Price 3,266 JPY

leading contractors, with a strong track record in large-scale projects. Obayashi has been Price Objective 4,000 JPY

proactive in expanding its overseas business both in scope and scale through M&A, and Date Established 13-Jun-2026

this transaction is consistent with that core strategy. While near-term earnings Investment Opinion B-1-7

contribution is likely to be limited owing to goodwill amortization and related factors, we 52-Week Range 2,117-4,439 JPY

expect the deal to enhance Obayashi’s presence in Australia, where its footprint has Market Value (mn) 2,259,456 JPY

historically been limited. Market Value ($mn) 14,093 USD

Shares Outstanding (mn) 691.8

Average Daily Value ($mn) 71.7 USDRelatively large-scale deal, but expect no impact on