Piper Alderman advises Colas Group on multiple asset sales and strategic joint venture with key competitor MAAS

Piper Alderman is proud to have advised Colas Australia Group Pty Ltd and its subsidiaries (Colas), on the completion of a complex transaction with its ASX listed competitor, MAAS Group Holdings Limited and its subsidiaries (MAAS).

The Colas Group is a world-leading French civil engineering firm specialising in the construction and maintenance of transportation infrastructure including roads, rail tracks and specialised civil engineering projects supported by a global network of more than 1,000 local construction business units and 3,000 material production and recycling units across over 50 countries.

MAAS is an ASX‑listed entity with a market capitalisation of approximately $1.58 billion, with operations spanning construction materials, civil construction and hire, manufacturing and equipment sales, and residential and commercial real estate.

The Piper Alderman team, led by Corporate Partner James Dickson and Associate Bonnie Doyle, supported by Ashleigh De Silva, Lili Caltabiano and Lily Hams, advised Colas on all aspects of the transaction.

The deal required the team to prepare and negotiate a number of key individual transactions, including two separate asset sale agreements for the divestiture of Colas’ projects across Queensland and New South Wales to MAAS, a share sale agreement, an incorporated joint venture for MAAS and Colas, a shareholders’ agreement and an implementation agreement to bring the deal all together. The team was also required to prepare and negotiate a suite of operational agreements governing the ongoing relationship between Colas and MAAS following completion, including two transitional services agreements, a corporate services agreement, a facility management agreement and six separate supply agreements between various Colas and MAAS entities, as well as multiple leases and subleases with the assistance of Property Partner Peter Nugent.

Given that the transaction involved a sale by Colas to a direct competitor in a concentrated market, Competition Partner Andrew Rankin also advised on, and assisted the team in obtaining ACCC approval for the transaction under the new merger control regime that came into effect on 1 January 2026.

Our experience in mergers and acquisitions, our collaborative team driven approach to deal management, and our expertise across a number of specialist areas of the law enabled us to manage the deal over six months to a successful conclusion for our client.