A global asset management group has led a consortium that has acquired Australian logistics giant Qube Holdings for approximately $11.7 billion.
A consortium led by Macquarie Asset Management has entered a binding agreement to acquire Qube at $5.20 cash per share, with the Qube board unanimously recommending shareholders to vote in favour of the proposed arrangement.
Macquarie Asset Management, alongside its managed funds and co-investors, this week signed a Scheme Implementation Deed to acquire all of Qube’s shares. The deal will also see UniSuper transfer its existing direct 15.07 per cent shareholding in Qube at equivalent value for a corresponding interest in the consortium acquirer.
The consortium comprises Macquarie’s managed funds and co-investors including UniSuper and Pontegadea.
The cash consideration of $5.20 per share is a 28 per cent jump on the last closing share price of Qube prior to the acquisition, which was at $4.07 per share on November 21 last year.
The decision is subject to an independent expert concluding that the scheme is in the best interests of Qube shareholders other than UniSuper.
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Head of Macquarie Asset Management Ben Way says Qube is Australia’s largest provider of ports and terminal infrastructure assets.
“Macquarie Asset Management has a longstanding track record of identifying opportunities driven by long-term thematics. We believe Qube exemplifies this approach and will work to deliver positive outcomes for its customers and our clients and partners,” Way says.
Qube managing director Paul Digney says Macquarie Asset Management’s offer underscored the brand’s value and the “strength” of its safety culture.
“Since inception, Qube has achieved significant growth and diversification across markets and geographies,” Digney says.
“I am confident that this transaction will provide the platform for the business to continue that evolution while maintaining our strong track record of enhancing supply chains and delivering outstanding customer service.”
For Macquarie Asset Management co-head of infrastructure for Asia Pacific Ani Satchcroft, there were various factors behind the acquisition.
“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,” Satchcroft says.
“Macquarie Asset Management has extensive experience in developing supply chain infrastructure, security and resilience. We look forward to partnering with our co-investors and working with Qube’s world class management team, as the company enters its next phase.
“We believe our proposal offers compelling value for Qube shareholders and we are pleased to have received the board’s unanimous recommendation that investors vote in favour of the scheme.”
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