NSW Court Greenlights Brickworks and Soul Patts Merger: What’s Next?
The Supreme Court of New South Wales has approved the merger of Brickworks Limited and Washington H. Soul Pattinson, paving the way for a new ASX-listed entity, First Services Company Ltd. Shareholders will soon exchange their Brickworks shares for Topco shares as trading transitions next week.
- Supreme Court approval of Brickworks and Soul Patts merger
- Creation of new ASX-listed entity, First Services Company Ltd (Topco)
- Brickworks shareholders to receive 0.82 Topco shares per Brickworks share
- Brickworks shares to be suspended and delisted by 24 September 2025
- Topco shares to begin trading on deferred settlement from 16 September
Merger Approval Marks a Major Milestone
The Supreme Court of New South Wales has given the green light to the proposed combination of Brickworks Limited (ASX, BKW) and Washington H. Soul Pattinson and Company Limited (Soul Patts). This legal endorsement clears a critical hurdle for the creation of a newly capitalised ASX-listed company, First Services Company Ltd (Topco), which will consolidate the assets and operations of both entities.
The court’s approval follows a comprehensive review process and sets in motion a carefully orchestrated timetable for the merger’s implementation. This development is a significant step in what has been a closely watched corporate restructuring within Australia’s building products and investment sectors.
What Shareholders Can Expect
Brickworks shareholders who held shares as of 7, 00 pm on 17 September 2025 will receive 0.82 fully paid ordinary shares in Topco for each Brickworks share they own. This exchange ratio reflects the agreed valuation underpinning the merger and aims to provide a smooth transition for investors into the combined entity.
Trading in Brickworks shares will be suspended from the close of trading on 15 September 2025, with Topco shares commencing on a deferred settlement basis from 16 September. Normal settlement trading for Topco shares is scheduled to begin on 24 September, coinciding with the delisting of Brickworks shares from the ASX.
Strategic Implications and Market Impact
The merger brings together Brickworks’ extensive building products operations in Australia and North America with Soul Pattinson’s diversified investment portfolio. Brickworks is known for its trusted brands such as Austral Bricks and Glen-Gery, while Soul Pattinson adds a layer of investment stability and cash flow through its ASX100-listed status.
By combining forces under Topco, the new entity aims to leverage synergies across industrial property, building products, and investment divisions. This could enhance shareholder value through improved capital allocation and operational efficiencies, though the full strategic rationale will become clearer as the integration progresses.
Next Steps and What to Watch
Investors should monitor the official lodgement of court orders with the Australian Securities and Investments Commission on 15 September, which will mark the legal effectiveness of the scheme. The subsequent issuance of Topco shares and the delisting of Brickworks will be pivotal moments in the transition.
Further details and updates will be provided by Brickworks, with shareholder inquiries directed to their dedicated information line. Analysts and market participants will be keen to assess how the combined entity performs once trading under the new structure begins.
Bottom Line?
As Brickworks and Soul Pattinson unite under Topco, investors await the market’s verdict on this transformative merger.
Questions in the middle?
- How will the share exchange ratio impact Brickworks shareholders’ long-term value?
- What synergies and cost savings can Topco realistically achieve post-merger?
- How will the market respond to Topco’s debut trading and subsequent performance?
