Built, which has $1.6 billion in work on hand, has been looking to take on the country's biggest builders including Lendlease and Multiplex as well as compete with peers such as Hutchinson Builders and the listed group Watpac backed by Belgium's BESIX Group.
Built managing director Brett Mason said the group had conducted a global search for a major firm whose balance sheet they could take advantage of when competing for bigger scale projects.
"We were looking around the whole world and Obayashi were also looking around the whole world because of the economic situation in Japan," Mr Mason said.
"We will be combining our local construction expertise and knowledge with Obayashi's global experience, including accessing Obayashi's Technical Research Institute in Tokyo – an R&D facility dedicated to the development of construction-related technologies."
President of Obayashi Corporation, Toru Shiraishi, said the company had been seeking to expand its business platforms in the Oceania region in addition to its existing market base in South East Asia and North America.
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