MAAS Group Holdings (ASX:MGH) completed the sale of its construction materials business to Heidelberg Materials Australia Holdings for AU$1.61 billion, according to a Friday filing with the Australian bourse.

MAAS Group is entitled to receive contingent consideration of up to AU$120 million, subject to the achievement of commercial and operational milestones.

The company said about 1,140 employees have transitioned with the construction materials business, and the transaction remains subject to post-completion purchase price adjustments.