Acquirer(s)
- Yamaha Motor Australia Pty Ltd
Target(s)
- Telwater Pty Ltd
Summary
Yamaha
Yamaha Motor Australia Pty Ltd (Yamaha) has entered into an agreement with Bombardier Recreation Products Incorporated (BRP) and BRP Australia Pty Ltd (BRP Australia) to acquire 100% of the shares in Telwater Pty Ltd (Telwater), and a property in Coomera, Queensland, that is currently used to manufacture, fit and warehouse aluminium trailer boats (together, the Proposed Acquisition).
Yamaha Motor Company Ltd (YMC) manufactures outboard motors in Asia (primarily in Japan) and Yamaha imports and supplies them to its authorised dealer network (retailers) in Australia.
Yamaha does not manufacture trailer boats in Australia. YMC subsidiaries manufacture trailer boats overseas for various international markets. Yamaha and a related business have supplied a small number of these trailer boats to dealers in Australia, primarily via a third party Australian distributor. Yamaha also owns the trademarks for a small number of aluminium trailer boat and trailer brands, which were previously licensed to a third party manufacturer and are not currently in use. Yamaha does not currently supply trailers for trailer boats in Australia.
Telwater
Telwater is a manufacturer and wholesale supplier of aluminium trailer boats and trailers in Australia. Telwater currently supplies aluminium trailer boats under the Stacer, Quintrex and Yellowfin Plate brands. Telwater supplies both custom-fitted trailers that are sold together with Telwater boats (under the same brand as the boat) and loose trailers (under the brand name "Move") that can be used for any trailer boat. Telwater also supplies a limited number of outboard motors to dealers as part of a package with a Telwater boat and also potentially a trailer. Telwater is a non-exclusive distributor of Mercury outboard motors, with Mercury also supplying its outboard motors to dealers itself and via other wholesalers. Telwater also supplies a very small number of Rotax outboard motors (which are manufactured and distributed by BRP), as part of a package with certain of its boats.
Trailer boats are generally used for leisure activities, such as fishing and cruising. Recreational trailer boats typically use an outboard motor.
Areas of overlap
Yamaha and Telwater both supply outboard motors to dealers (retailers) in Australia. While outboard motors are used on a variety of boats, including trailer boats, Telwater only supplies outboard motors as part of a package with one of its trailer boats.
Telwater manufactures and supplies aluminium trailer boats to dealers in Australia. Yamaha does not overlap with Telwater in the supply of trailer boats to dealers.
On 18 December 2025, the ACCC announced that it would oppose the proposed acquisition. For more information, see the ACCC's media release: ACCC opposes Yamaha's proposed acquisition of Telwater.
ACCC correspondence
| Document title | Date | |
|---|---|---|
| Yamaha_Telwater - ACCC Market Inquiries Letter - 31 July 2025 |
Statement of issues
| Document title | Date | |
|---|---|---|
| Yamaha Telwater - Statement of Issues |
Timeline
| Date | Event |
|---|---|
ACCC commenced informal review under the Informal Merger Review Process Guidelines. |
|
Closing date for submissions. |
|
ACCC requested further information from the merger parties. Former provisional date for announcement of ACCC’s findings (18 September 2025) is delayed. The ACCC will announce a revised provisional decision date in due course. |
|
ACCC received further information from the merger parties on 29 September 2025. Timeline recommenced. |
|
ACCC published a Statement of Issues outlining preliminary competition concerns. |
|
Closing date for submissions relating to Statement of Issues. |
|
Former proposed date for announcement of ACCC's decision (4 December 2025) is delayed due to the provision of additional information by the parties. |
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Former proposed date for announcement of ACCC’s decision (11 December 2025) is delayed due to additional information to be provided by the parties. |
|
ACCC announced it would oppose the proposed transaction. |