Maas Group Holdings Limited entered into a binding agreement to acquire 75% stake in Austek Asphalt Services Pty Ltd for AUD 50.25 million on April 26, 2023. The consideration for the acquisition is AUD 39 million in cash and Further consideration of up to AUD 11.25 million may be payable, contingent on Austek achieving certain EBIT targets. The remaining 25% of Austek will be held by Peter Ozoux, one of the original founders, and the current Managing Director.

Peter will continue in his role post acquisition. The transaction is s subject to various third-party consents and customary completion conditions with the transaction expected to complete in May 2023.