The transaction is subject to customary closing conditions, Bakers said, including regulatory approval and is expected to complete at the end of June 2019.

Value: Undisclosed

Area: M&A

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Key players: The Bakers team was led by partner Andrea Kennedy, who was supported by partner Georgina Foster and associates Sam Mossman and Stephanie Szkilnik.

Deal significance: Ms Kennedy said: “We are delighted to have worked with BRP on this transaction, which is part of the group’s strategy to transform the marine industry and further its goal of becoming a leading global marine company by investing in the current leader in this region.”

“BRP already had a strong existing relationship with Telwater and this represented a great opportunity to reinforce its presence in Australia.”