The competition regulator has outlined preliminary concerns about Yamaha Motor Australia’s proposed purchase of Telwater, warning the deal could reduce rivalry in the market for outboard motors.
In a Statement of Issues published on Monday, the Australian Competition and Consumer Commission (ACCC) said Telwater is the largest manufacturer and supplier of aluminium trailer boats in Australia and is highly regarded by dealers. Yamaha, it added, is a leading supplier of outboard motors and competes with 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 regulator also expressed concern the combined business could limit rivals’ access to dealers and customers in the trailer-boat market, noting that aluminium boats and outboard motors are complementary products often bought together.
“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.”
Yamaha has proposed to buy 100 per cent of Telwater’s shares from Bombardier Recreation Products Inc (BRP), together with a Coomera, Queensland property used to manufacture, fit and warehouse aluminium trailer boats.
According to the ACCC paper, Yamaha’s parent, Yamaha Motor Company Ltd, manufactures outboards in Asia — primarily Japan — and imports them into Australia through Yamaha Motor Australia, which supplies dealers nationwide. Yamaha does not currently manufacture boats in Australia, although related entities have supplied a small number of trailer boats to the market via a third‑party distributor in the past.
Telwater manufactures its trailer boats and trailers in Australia and sells to dealers under the Quintrex, Stacer and Yellowfin brands. The company also supplies custom-fitted Telwater-branded trailers and loose trailers under the “Move” brand, and acts as a non-exclusive distributor of Mercury outboard motors. Telwater supplies a limited number of outboards as part of boat packages, and a very small number of Rotax units.
The ACCC is inviting submissions in response to the Statement of Issues by 23 October 2025. More information, including the Statement of Issues, is available on the ACCC’s public register: https://www.accc.gov.au/public-registers/mergers-and-acquisitions-registers/public-informal-merger-reviews-register/yamaha-motor-australia-pty-ltd-telwater-pty-ltd.
