CEE M&A Monitor
Construction materials · aggregates Estonia · Germany Share purchase — signed, awaiting clearance 23 Sep 2026

Merko Ehitus Eesti has agreed to buy 100% of limestone aggregates producer Väo Paas from Germany's Matthäi

Estonia's Competition Authority (Konkurentsiamet) received a merger notification on 22 September 2026 and published it on 23 September: Aktsiaselts Merko Ehitus Eesti intends to acquire control of OÜ Väo Paas. According to the non-confidential summary filed with the authority, Merko Ehitus Eesti as buyer and Matthäi Stahlbau Holding GmbH as seller have signed an agreement for the sale of 100% of Väo Paas. The parties intend to close once the conditions in the agreement are met, including unconditional clearance from the Competition Authority; the deal has not closed. Väo Paas produces and sells crushed limestone aggregate, and also crushed concrete and limestone sand. It operates quarries at Väo in Harju County and at Koigi in Järva County; its products are used mainly in road construction, as aggregate for asphalt and concrete, and as construction fill. Merko Ehitus Eesti builds residential and non-residential buildings and infrastructure and belongs to the Merko Ehitus group, listed on Nasdaq Tallinn, which builds and develops property in Estonia, Latvia and Lithuania. The group already includes OÜ Merko Kaevandused, which quarries construction minerals and produces aggregates, and Tallinna Teede AS, which does road maintenance and produces asphalt concrete. The stated aim is to strengthen Merko Ehitus Eesti's aggregates capability: it gains Väo Paas's quarrying equipment and know-how, with further synergies from using both companies' resources more efficiently. The parties state there are no affected markets under the notification guidelines. Interested parties may submit comments within seven calendar days. No price, revenue or employee figures appear in the filing.

Our take Two things stand out. First, the seller: a German steel-construction holding company letting go of an Estonian quarry. For a foreign group a single aggregates site in another country is rarely core, and the natural buyer is the local contractor that already consumes the product. Second, the buyer already owns a quarrying company and an asphalt producer. It is not entering aggregates — it is adding reserves, equipment and people to a chain it already runs, which is why it can state in the filing that no market is affected. Quarries are an unusual asset: the value sits in permitted reserves and in the distance to the nearest construction site, and neither can be replicated quickly. That is why they tend to change hands between a group that no longer needs one and a builder that uses the stone every day.
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