MAAS Group (ASX:MGH) completes acquisition of Blackwater Quarries

• MAAS Group (MGH) successfully acquires Blackwater Quarries and plans to use it as a platform for continued growth
• Total consideration consisted of a $25.75 million cash payment as well as the issue of about 194,000 shares in MGH
• Further cash consideration will be payable over five years, based on Blackwater Quarries achieving defined operating targets
• The quarries are anticipated produce more than 550,000 tonnes of construction aggregates each year while the plant produces about 10,000 cubic meters
• Shares are trading 2.22 per cent higher today at $4.60 each

MAAS Group (MGH) has successfully acquired Blackwater Quarries and plans to use it as a platform for continued growth.

Total consideration consisted of a $25.75 million cash payment as well as the issue of about 194,000 shares in MGH.

Further cash consideration will be payable over five years, based on Blackwater Quarries achieving defined operating targets.

Blackwater Quarries is located in Central Queensland and has four quarries with one concrete plant.

The quarries are anticipated produce more than 550,000 tonnes of construction aggregates each year while the plant produces about 10,000 cubic meters.

The company will utilise the acquired mobile crushing plant and equipment across its portfolio in the region.

“The strategic acquisition of Blackwater Quarries expands our integrated network of construction materials operations across Central Queensland at a time of growing infrastructure and project development expenditure in the region,” Managing Director and CEO Wes Maas said.

Shares were trading 2.22 per cent higher today at $4.60 each at market close.