(Feb 16): A group led by Macquarie Asset Management will buy Qube Holdings Ltd in a deal worth around A$11.7 billion (US$8.3 billion, or $10.47 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 on Monday. That’s a 28% premium to the last closing price on Nov 21, before Macquarie made an initial approach. The group also includes Pontegadea, the family office of 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 South-East 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.
Qube shares climbed 3.5% as of 10:10am in Sydney, extending its advance over the past year to 22%.
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.
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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.
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