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Washington H. Soul Pattinson to Sell Brickworks Industrial JV Stake to Goodman in Nearly AU$2 Billion Deal

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Washington H. Soul Pattinson (ASX:SOL) has agreed to divest its interest in certain Brickworks (ASX:BKW) property division industrial joint venture (JV) trust assets to Goodman Australia Industrial Partnership and related Goodman Group (ASX:GMG) entities for AU$1.89 billion under a binding agreement, according to a Thursday filing with the Australian bourse.

The price is consistent with valuations at the time of the Brickworks-Soul Patts merger and follows confidential negotiations initiated by change-of-control rights triggered by that transaction, per the filing.

The transaction does not include the Brickworks Manufacturing Trust, in which Brickworks maintains a 50.1% stake, so the existing joint venture structure remains unchanged, the filing said.

Completion is anticipated in late June, subject to no conditions precedent or shareholder approval requirements, with all parties actively working toward an orderly settlement, the filing added.

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