HSF Kramer and Mallesons Steer $1.7 Billion Building Materials Deal Through New Merger Regime

Two of Australia's leading law firms have advised on a major building materials acquisition, with Heidelberg Materials Australia completing its $1.7 billion purchase of Maas Group's construction materials business.

The transaction, completed on 2 October 2026, brings together German industrial giant Heidelberg Materials and a substantial Australian construction materials operation. It also represents an important early test of Australia's new mandatory merger control regime. 

Herbert Smith Freehills Kramer advised Maas Group, while Mallesons represented Heidelberg Materials.

The acquisition includes up to $120 million in contingent consideration linked to post-completion milestones, with the transaction progressing from signing to completion in less than eight months.

Perhaps most significantly, it became the first transaction to receive conditional Phase 1 approval under the ACCC's new merger framework, demonstrating how competition regulation is becoming an increasingly important component of major Australian transactions. 

LawUno Insight

This deal is significant for more than its price tag.

Australia's new merger regime is changing how major acquisitions are structured, negotiated and executed. Competition law advice is increasingly central to transaction strategy, rather than simply a regulatory hurdle before completion. For major law firms, the opportunity extends beyond traditional M&A. Complex transactions increasingly require integrated expertise across corporate, competition, financing and regulatory practices.

The next competitive advantage in Australian dealmaking may not simply be getting the deal signed, but getting it through regulatory approval.