Canberra, October 9, 2025 – The Australian Competition and Consumer Commission (ACCC) has outlined preliminary concerns regarding Yamaha Motor Australia Pty Ltd’s proposed acquisition of Telwater Pty Ltd, Australia’s largest manufacturer of aluminium trailer boats.
Potential for Market Foreclosure
The ACCC’s Statement of Issues, published today, sets out concerns that the transaction could substantially lessen 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,” ACCC Commissioner Dr Philip Williams said. “This could make it much harder for other outboard motor suppliers to compete effectively, ultimately reducing consumer choice,” he added.
Telwater holds strong brand recognition across the recreational marine industry, and its aluminium boats are key products for many dealers. Yamaha, meanwhile, is a leading supplier of outboard motors, competing with brands such as Mercury and Suzuki.
Concerns over Dealer Access and Bundling
The ACCC is also concerned that the merged entity could limit access to dealers and customers for rival boat and outboard motor suppliers by bundling its products.
“Linking the wholesale supply of Yamaha outboard motors with Telwater boats could limit how effectively existing and future competitors can operate post-merger,” Dr Williams said. “This could ultimately lead to higher prices and reduced choice or quality for consumers.”
The ACCC is inviting submissions from market participants in response to the Statement of Issues by 23 October 2025.
Background
Yamaha has proposed to acquire 100% of Telwater’s shares from Bombardier Recreational Products, including a manufacturing facility in Coomera, Queensland.
Telwater produces and distributes aluminium trailer boats and trailers under the Quintrex, Stacer, and Yellowfin brands, as well as Move trailers. It also acts as a non-exclusive distributor of Mercury outboard motors, supplying some boats as packaged combinations.
