Brookfield agrees $2.8bn deal to take Reliance Worldwide private

Brookfield Asset Management has agreed to acquire Reliance Worldwide Corporation, a global manufacturer of plumbing and heating solutions. The deal, worth approximately $2.8 billion, will see Brookfield take Reliance Worldwide private at A$4.75 per share. The company's board has unanimously recommended the offer to shareholders.

Reliance Worldwide operates in the Americas, Europe, the Middle East, and Asia-Pacific, manufacturing plumbing and heating products. The acquisition is subject to regulatory and government approvals and will be put to a shareholder vote. According to Investing.com, this is Brookfield's fourth bid, with previous offers being A$4.15, A$4.25, and A$4.50 per share.

The transaction marks the conclusion of Brookfield's pursuit of Reliance Worldwide, which began with an initial unsolicited approach. The deal will support Reliance's next phase of growth as a global leader in plumbing products and solutions, as stated by Brookfield in a press release reported by the Financial Post.

Brief written by urgent.news from PE Hub, Investing.com, Nasdaq Markets, Financial Post — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.