Fourth attempt finally approved! Bruker Corporation Field (BAM.US) acquires Australian pipe products manufacturer RWC for $2.9 billion at a 32% premium.

Brookfield Asset Management (BAM.US) has agreed to acquire Reliance Worldwide Corp. in an all-cash deal that values the Australian plumbing products company at about A$4.1 billion ($2.9 billion). "The board unanimously considers the transaction to be in the best interests of RWC shareholders," Reliance Worldwide Chairman Russell Chenu said in a statement. "The board also considered the execution risks to delivering future growth, as well as the broader macroeconomic and geopolitical environment, and weighed these against the certain value of the cash consideration." Reliance derives most of its profit from North America. Chief Executive Officer Heath Sharp said the business's outlook has been hit hard by tariffs. In fiscal 2026, the company's Americas segment sales fell 4% and adjusted operating profit dropped more than 11%, due to the impact of U.S. tariffs, lower volumes and higher input costs. Brookfield made three takeover approaches in the first half of the year before making a fourth move in August at A$4.75 per share, a 32% premium to the August 17 closing price. "Reliance is exactly the kind of business we look for a global-leading industrial company with strong brands, enduring customer relationships and a clear opportunity to create value through continued investment in operations and product expansion," Brookfield said in a separate statement. The acquisition of Reliance Worldwide would give Brookfield exposure to the U.S. construction and residential market, which contributes about 60% of Reliance's revenue, with the remainder spread across Asia-Pacific, Europe and the Middle East. The Australian company traces its history back to 1949 and is best known for its Sharkbite push-to-connect plumbing fittings, which can be installed without specialized tools. Brookfield has a broad portfolio of assets in Australia spanning real estate, infrastructure and private equity. In December last year, the company partnered with GIC Pte to agree to acquire National Storage REIT, and it also owns power and gas distribution network AusNet Services and fiber-optic cable company Uniti (UNIT.US). The two companies have agreed to include a "go-shop" provision, allowing Reliance Worldwide to seek competing bids, share due diligence materials and negotiate terms. Goldman Sachs Group, Inc. is advising Reliance Worldwide.