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The family that set up Wembley contractor Multiplex in 1962 is selling it to Canadian firm Brookfield Asset Management for Aus$7.3bn (拢3.1bn), including debt.

The Roberts family has recommended a bid of Aus$5.05 (拢2.15) a share and will sell its 26% stake for about Aus$1bn (拢426m). Australian analysts said it was a good deal for both businesses.

It is the end of an era for the group, which is recognised as a successful player in the Australian market but which ran into trouble in the UK over Wembley, where it made a 拢147m loss.

The company was founded by John Roberts, who died last year, in Perth, western Australia. It is now based in Sydney.

A spokesperson for Brookfield would not be drawn on the company鈥檚 plans for Multiplex鈥檚 UK operation, saying that it was too make pronouncements.

He said: 鈥淲e believe in the UK market, we have assets here, but Multiplex in the UK is not our immediate focus. The emphasis will be Australia and New Zealand. The challenges in the UK are well documented but we鈥檙e buying the future.鈥�

Brookfield has agreed to buy the whole company, which includes construction, development, fund management and facilities management.

Andrew Roberts and brother Tim Roberts, both sons of the founder, have resigned as directors. Denby Macgregor, their sister, has resigned her position.

Bob McKinnon and Ross McDiven have been appointed joint managing directors.

Jeff Blidner, Brookfield鈥檚 managing partner, said that retention of the Multiplex management would be a priority.