Heidelberg Materials has entered into a binding agreement to acquire the construction materials business of Maas Group Holdings. Listed on the Australian Securities Exchange, Maas construction materials operations supply aggregates, ready-mixed concrete and asphalt in eastern Australia through a network of 40 quarries with reserves of over 350Mt, 22 concrete plants, two asphalt operations and a recycling site.
The transaction reflects a total enterprise value of AUD1.7bn (US$1.18bn) on a cash and debt free basis. The purchase price implies an EBITDA multiple of 8.4x after synergies based on the expected proforma EBITDA for the 12 months following completion.
“This acquisition is part of our growth focus combined with a disciplined approach to continuously optimise our portfolio,” said Heidelberg Materials Board Chairman, Dr Dominik von Achten. “We are taking a significant step to expand our business in Australia, focussing on further improving our aggregates capacity and concrete supply capabilities in a core market. This reflects our commitment to a pure-play strategy as a leading global heavy building materials company in the industry.”
“With this acquisition, we will enhance our position in Australia, driving further growth and promoting circularity. We are complementing our market presence in attractive regions while leveraging substantial synergies,” said René Aldach, the company's CFO and responsible for Australia. “At the same time, we are creating significant value for Heidelberg Materials, adhering to our disciplined financial M&A framework.”
The transaction remains subject to regulatory approvals, including from the Australian Competition and Consumer Commission and the Foreign Investment Review Board, together with other customary conditions, such as Maas Group’s shareholder approval. The parties expect the acquisition to complete in the 2H26.
