SharkBite parent enters exclusive acquisition talks after $2.9 billion bid

The offer from Brookfield, also the parent company of Service Experts, follows three bids from earlier this year

Plumbing supplier Reliance Worldwide said Monday it has agreed to open its books to investment giant Brookfield Asset Management, granting the firm four weeks of exclusive due diligence on a takeover offer that values the company at roughly $2.9 billion.

Brookfield’s latest offer follows three bids from earlier this year, according to news reports. Brookfield is also the parent company of Service Experts.

Zoom out: Based in Australia, Reliance owns several brands that produce and sell a range of plumbing supplies worldwide, including push-to-connect fittings company SharkBite and pressure-valve maker Cash Acme.

What they’re saying: “Brookfield’s swoop on Reliance Worldwide comes after a sustained period of share-price weakness, with the stock down some 40% from its high in 2024,” news site MarketWatch wrote Monday. “Investors in the company have been unsettled by U.S. tariff policy and a downturn in the housing sector.”