A consortium led by Macquarie Asset Management will acquire Qube Holdings Ltd in a deal worth around A$11.7 billion (US$8.3 billion or RM32.36 billion), expanding the Australian firm’s infrastructure portfolio to include ports and rail operations.
The group will pay A$5.20 per share, a 28% premium to Qube’s closing price on Nov 21 before Macquarie’s initial approach. The consortium also features Pontegadea, the investment arm of Zara founder Amancio Ortega.
Qube runs a transport and trade network handling goods such as grain and cottonseed and employs about 10,000 people across Australia, New Zealand, and Southeast Asia.
UniSuper, an Australian pension fund, will transfer its 15% stake in Qube into the consortium. The transaction is subject to regulatory approvals from the Foreign Investment Review Board and the Australian Competition & Consumer Commission.
Macquarie Asset Management, part of Macquarie Group Ltd, manages around A$736 billion in public and private assets, including container terminals in New York and toll roads in South Korea. Qube shares rose 3.5% in Sydney trading, marking a 22% gain over the past year.
