The deal is targeted for completion in the second half of 2026
King & Wood Mallesons (KWM) has advised Heidelberg Materials Australia on its proposed acquisition of Maas Group Holdings Limited’s construction materials business for a total cash consideration of ~$1.7bn.
Heidelberg will pick up a large-scale, integrated portfolio of construction materials assets, including 40 quarries with combined reserves exceeding 350 million tonnes, 22 concrete plants, two asphalt operations and a recycling facility. The deal will be implemented via a share sale deed and includes up to $120m in contingent consideration connected with agreed post-completion performance milestones.
The deal marks Heidelberg’s second major Australian acquisition within 12 months, following its April 2025 purchase of Midway Concrete’s ready-mixed concrete business in the Melbourne and Geelong areas. More than 1,000 employees are expected to transition to Heidelberg.
“The acquisition reflects Heidelberg Materials Australia’s focus on delivering consistent, high-quality products and services across Eastern Australia,” KWM lead partner Adrian Perkins said. “Maas’ strong regional footprint and operational capability complement Heidelberg Materials’ business, and we were pleased to advise on a transaction that supports the continued delivery of sustainable construction materials.”
The transaction requires approval from the ACCC, the FIRB and Maas Group shareholders. The deal is set for completion in the second half of the year, the firm said.
Perkins led the multidisciplinary KWM team that included Jovana Zelenababa, Jack O’Brien, Naren Iyer, Jennifer Barron, Lisa Huett, Joe McQuillen, David Bell, Frankie Giorlando, Tracey Jordan, Brett Feltham, Judith Taylor, and Jim Zovaro.
