The ACCC has outlined its preliminary competition concerns with Yamaha Motor Australia Pty Ltd’s proposed acquisition of Telwater Pty Ltd in a Statement of Issues published today.

Telwater is the largest manufacturer and supplier of aluminium trailer boats in Australia and has strong brand recognition throughout the recreational marine industry. Market participants have told the ACCC that a Telwater aluminium trailer boat is a very important product for many dealers.

Yamaha is a leading supplier of outboard motors. It faces competition from outboard motor brands such as Mercury and Suzuki.

The ACCC’s preliminary view is that the proposed acquisition is likely to have the effect of substantially lessening competition in the wholesale supply of outboard motors in Australia.

“We are concerned that, following the acquisition, Yamaha would have the ability and incentive to link the wholesale supply of Yamaha outboard motors to Telwater aluminium trailer boats, for example, by requiring dealers of Telwater boats to also become Yamaha outboard motor dealers,” ACCC Commissioner Dr Philip Williams said.

“This acquisition could make it much harder for other outboard motor suppliers to compete effectively with Yamaha, ultimately reducing the choice and competitive offerings available to consumers.”

The ACCC is also concerned that the merged entity could seek to reduce the access to dealers and customers by rival suppliers of trailer boats.

“Linking the wholesale supply of Yamaha outboard motors with Telwater aluminium trailer boats could limit how effectively existing and future rival wholesale suppliers of aluminium boats and outboard motors can compete post-merger,” Dr Williams said.

“This could ultimately lead to higher prices and reduced choice or quality for consumers seeking to purchase a new aluminium trailer boat or outboard motor.”

The ACCC invites submissions from interested parties in response to the Statement of Issues by 23 October 2025.

More information, including the Statement of Issues, can be found on the ACCC’s website at https://bit.ly/42CLGDT