[Stay on top of transportation news: .]
Macquarie-Led Group to Buy Qube Holdings for $8.3 Billion
Qube Operates a Transport and Trade Network in Australia, New Zealand and Southeast Asia
A group led by Macquarie Asset Management will buy Qube Holdings Ltd. in a deal worth around A$11.7 billion ($8.3 billion), as the Australian firm adds a ports and rail operator to its vast swath of infrastructure assets.
The consortium will pay A$5.20 per Qube share, according to a statement Feb. 16. That’s a 28% premium to the last closing price on Nov. 21, before Macquarie made an initial approach. The group also includes Pontegadea, thefamily officeof the founder of the Zara fashion brand.
Qube operates a transport and trade network that handles an array of goods and services, including outbound grain and cottonseed shipments. It has about 10,000 staff across operations in Australia, New Zealand and Southeast Asia.
“Population growth, increasing demand for goods and services, and strengthening sovereign capabilities are driving the importance of robust and resilient supply chains, in Australia and across the Asia Pacific region,” said Ani Satchcroft, Macquarie Asset Management’s co-head of infrastructure for Asia Pacific.
Macquarie’s asset management arm, a unit of Macquarie Group Ltd., oversees around A$736 billion in public and private assets ranging from container terminals in New York to toll roads in South Korea.
As part of the deal, UniSuper, an Australian pension fund, will transfer its existing direct 15% shareholding in Qube into the consortium.
“Investing in Qube is ultimately a bet on Australia so we are delighted to continue as a significant shareholder,” said John Pearce, chief investment officer at UniSuper.
The deal is subject to regulatory approvals, including from Australia’s Foreign Investment Review Board and the Australian Competition & Consumer Commission.
