Bricks being laid
Bricks being laid


The largest US public market acquisition by an Australian company since 2011

Boral Limited’s $US2.6 billion acquisition of Headwaters.

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Sector Industrials
Sub-sector Construction
Location United States, Australia


Boral Limited, a leading Australian building and construction materials company, entered into a binding agreement to acquire NYSE-listed Headwaters Incorporated, a leading manufacturer of building products and one of the largest marketers of fly ash in the US.

The acquisition of Headwaters, which was announced after approximately two years of assessing this opportunity, was a transformative step for Boral, adding significant scale and diversification to its US portfolio.


Macquarie Capital acted as lead M&A adviser to Boral and joint lead manager and underwriter to Boral’s associated equity raising. The complex deal was negotiated and financed during a period of uncertainty in global markets, primarily driven by the 2016 US elections.


Fourth largest

Australian M&A-related equity raising in the last decade

Seamless coordination

between Macquarie Capital’s Australian and US teams

Supporting our clients

during a company-transforming deal, by navigating significant complexities and market volatility

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