Maas Group secures FIRB approval for $1.70B sale
- Maas Group Holdings received FIRB approval to sell its construction materials business to Heidelberg Materials Australia.
- The announcement sent the Maas Group share price up 6.89% to $6.05.
- The sale is part of Maas Group’s strategy to realise cash consideration of up to $1.70 billion.
Maas Group Holdings (ASX:MGH) has secured approval from the Foreign Investment Review Board to sell its construction materials division to Heidelberg Materials Australia for up to $1.70 billion.
The regulatory clearance follows approval from the Australian Competition and Consumer Commission on July 31, satisfying another major condition for the transaction.
"With both the ACCC and FIRB approvals now secured and with only the shareholder vote at our upcoming AGM, the key remaining step to satisfy prior to completion, our focus turns to the disciplined redeployment of capital into the next generation of infrastructure," stated Wes Maas, Founder and CEO of MAAS Group.
The deal remains subject to shareholder approval at the annual general meeting on Sept. 24, alongside the acquisition of the remaining shares in Asphalt Operators Australia anticipated on Sept. 25.
Under the unchanged transaction terms, Maas Group will receive $1.58 billion in cash settlement, with an additional $120 million tied to commercial milestones.
Following the announcement, the Maas Group share price was up at $6.06.
The transaction is expected to settle in October once the final conditions precedent are satisfied.
Major shareholders Wesley Maas and Emma Maas have confirmed their intention to vote their shares in favour of the proposed sale.
