Soul Patts and Brickworks plan $14 billion merger to create investment powerhouse

By Newsdesk

June 09 2025
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Soul Pattinson and Brickworks have announced a proposed merger that will create a $14 billion investment entity and end decades of cross-shareholding between the two ASX-listed companies.

Soul Patts and Brickworks plan $14 billion merger to create investment powerhouse

The deal will see Soul Patts shareholders control about 72 per cent of the newly merged entity, which will trade on the ASX as Washington H. Soul Pattinson under the ticker code 'SOL'.

Brickworks shareholders will hold 19 per cent of the company, with the remaining 9 per cent allocated to investors.

Currently, Soul Patts owns 43 per cent of Brickworks, while Brickworks holds a 26 per cent stake in Soul Patts.

The new entity will own investments across privately owned companies, publicly listed businesses, private credit, and more than $3 billion in real estate from Brickworks' land portfolio.

"Merging Soul Patts with Brickworks makes a lot of strategic and financial sense," said Todd Barlow, Soul Patts CEO and Managing Director.

"It simplifies the structure, adds scale, and creates a more investable company," he said.

Soul Patts, established in 1872, is one of Australia's most renowned investment firms with a diversified portfolio across multiple industries.

The company is Australia's second oldest publicly listed entity, having first traded on the Sydney Stock Exchange in 1903.

Brickworks has grown to become one of the world's largest building material manufacturers since its inception in 1934.

In Australia, it operates through brands including Austral Bricks and Bowral Bricks, with a strong US presence across 28 locations.

The company also leverages surplus operational land for property development as part of its portfolio strategy.

"The time is now right to combine with Soul Patts, bring our portfolios under one investment company, and become a well-resourced and more diversified group delivering long term value for our shareholders," said Mark Ellenor, Brickworks CEO.

Meanwhile, FBR Limited recently completed a 10-house demonstration program in Florida using its Hadrian X robotic bricklaying technology.

The demonstration showed it is possible to build the walls of a standard home in a single day using the robotic system.

Hadrian X autonomously constructs structural walls based on 3D computer-aided design models using the company's proprietary Dynamic Stabilisation Technology.

FBR has completed 32 structures in Western Australia using the Hadrian X and another 10 single storey homes in Florida.

The R&D phase is now complete, with the product entering commercialisation.

"FBR is a world leader in developing large scale robotic solutions for large scale tasks," said Mark Pivac, FBR Limited CEO.

"We are now offering this capability to customers to introduce the efficiency of automation to their businesses," he said.

MTM Critical Metals announced its Flash Joule Heating technology successfully recovered 98 per cent of antimony from US-sourced electronic waste at a grade of 3.13 per cent.

This substantially exceeds the grade of typical ore from mining operations, where even the largest deposits average between 0.5 per cent and 0.7 per cent antimony.

China accounts for nearly 50 per cent of global antimony mine production and controls more than 70 per cent of global refining capacity.

The price of antimony trioxide has more than tripled since 2023 amid China's tightening control over strategic metal exports.

"This result demonstrates the strong technical and commercial potential of our FJH process for recovering strategic metals from e-waste," said Michael Walshe, MTM Critical Metals Managing Director & CEO.

"Achieving 98% recovery of antimony at over 3% grade, from domestic urban feedstock, is particularly significant given the U.S. currently has no meaningful domestic Sb production," he said.

MTM has secured more than 1,100 tonnes per year of e-waste feedstock under long-term agreements with US suppliers.

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