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
Image: Adobe
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.”
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