The Australian Competition and Consumer Commission (ACCC) has launched an informal merger review into Yamaha Motor Australia’s proposed acquisition of aluminium boat manufacturer Telwater, raising potential concerns about reduced competition in the Australian marine industry.
Announced in April 2025, the deal would see Yamaha acquire 100% of Telwater from Canadian parent company BRP Inc. Telwater owns leading Australian boat brands including Quintrex, Stacer, Savage, and Yellowfin Plate.
In a letter to stakeholders dated 31 July 2025, the ACCC stated it is “considering whether the proposed acquisition would have the effect, or be likely to have the effect, of substantially lessening competition” in the supply of aluminium boats, outboard motors, and related marine products.
The watchdog is particularly focused on the risk of Yamaha leveraging its existing outboard motor business to favour Telwater products—potentially reducing access to competing brands for dealers and consumers. It is also assessing whether the merger could lead to bundling of boats and motors, thereby limiting choice in the market.
According to the ACCC, Yamaha supplies outboard motors to around 104 dealers across Australia, while Telwater distributes boats, trailers, and marine accessories to a broad retail network. The regulator is seeking feedback from industry participants about whether the merger could impact pricing, service, and the ability of rivals to compete.
“The ACCC is inviting submissions from interested parties to assist with its review,” the letter states. Submissions are due by 14 August 2025.
The proposed acquisition follows BRP’s decision to divest Telwater after acquiring it in 2019. Yamaha, a global leader in marine propulsion, has expressed plans to grow its presence in the Australian boating sector through vertical integration.
Further details of the review are available on the ACCC’s public merger register.
- Entry on the ACCC’s Public Informal Merger Reviews Register, showing the transaction timeline, industry details, and closing date for submissions — Yamaha Motor Australia Pty Ltd – Telwater Pty Ltd, commenced 31 July 2025, submissions due 14 August 2025 https://www.accc.gov.au/public-registers/mergers-and-acquisitions-registers/public-informal-merger-reviews-register.
- Market Inquiries Letter dated 31 July 2025 on the same page, with full guidance for submissions and the ACCC’s invitation to stakeholders to submit feedback accc.gov.au.
Where to submit:
Submissions should be sent electronically (preferably PDF) to with the subject line:
“Submission re: Yamaha/Telwater”
The deadline is 4 pm on 14 August 2025 https://www.accc.gov.au/public-registers/mergers-and-acquisitions-registers/public-informal-merger-reviews-register/yamaha-motor-australia-pty-ltd-telwater-pty-ltd.
