Heidelberg Materials Australia signed a binding agreement on 4 February to buy the construction materials division of Maas Group Holdings at an enterprise value of A$1.7bn.
Why Heidelberg Materials Australia is buying Maas Group Holdings – Construction Materials division
Heidelberg said the deal would strengthen its Australian footprint and widen its offering in growth regions on the east coast. The division brings 40 quarries with combined reserves of more than 350m tonnes, 22 ready-mixed concrete plants, two asphalt operations and a recycling site.
“There are no planned workforce reductions associated with the acquisition”
Deal terms and financing
The price is on a cash-free, debt-free basis and is structured as a share deal, implying 8.4 times expected pro forma EBITDA after synergies for the first twelve months after completion. Maas said the cash consideration comprised A$1.58bn payable at settlement and a further A$120m tied to commercial milestones. Completion was conditional on ACCC and FIRB approval and on a vote by Maas shareholders.
Regulatory approvals and timing
The ACCC cleared the deal on 31 July 2026 in Phase 1 with conditions, and the Treasurer, through FIRB, issued a notice of no objection in September (Rask Media). The last major condition was approval by Maas shareholders at the company's AGM on 24 September, with Wes and Emma Maas committed to vote in favour. Heidelberg Materials Australia announced completion on 1 October 2026, by which time the business comprised 43 quarries, 22 concrete plants and five asphalt operations.
Market context
Maas, founded by Wes Maas, is a diversified industrial group whose remaining divisions include civil construction, real estate and electrical equipment for data centres and utilities; it said it would redeploy the proceeds into infrastructure.
