Brookfield, through its flagship private equity strategy, has agreed to acquire 100 percent of Reliance Worldwide, a global manufacturer of plumbing and heating solutions listed on the Australian Securities Exchange. Reliance's board has unanimously recommended the all-cash proposal of $3.38 per share, which values the company at an enterprise value of approximately $2.8 billion, to shareholders for a vote.

Reliance is headquartered in the US, with operations across the Americas, Europe and the Middle East (EMEA), and Asia-Pacific. Brookfield's investment will be funded through the Brookfield Capital Partners strategy and its affiliate Brookfield Business.

"Reliance is the type of business we look for – a global, market-leading industrial company with strong brands, durable customer relationships and clear opportunities to create value through investment in operations and continued product expansion," said Anuj Ranjan, chief executive of Brookfield's private equity group. Brookfield highlighted Reliance's position as market leader in push-to-connect fittings for plumbing systems. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2027.