Qube is poised to become the latest major Australian infrastructure asset to transition to private ownership, following the acceptance of an $11.7 billion acquisition offer from Macquarie Asset Management (MAM). This proposed transaction echoes previous shifts, such as Sydney Airport’s move into private hands. The deal is contingent upon securing both regulatory and shareholder approvals.
The agreement formalises an indicative bid of $5.20 per share in cash made by MAM nearly three months prior, which was subject to due diligence. Qube’s board previously indicated its willingness to accept the offer if it were formalised, and on Monday, the board confirmed the execution of a scheme implementation deed with MAM at the agreed-upon price.
MAM has secured investment commitments from various entities, including Pontegadea, the family office behind Zara, Brighter Super, Mercer, and UniSuper. UniSuper, a current Qube shareholder, intends to maintain its 15.07 per cent stake in the unlisted entity and plans to vote in favour of the transaction. Qube provides integrated logistics solutions, connecting producers and consumers through ports and infrastructure. Macquarie Group provides financial services globally.
This acquisition marks MAM’s most significant investment in Australian infrastructure to date, surpassing its $7.6 billion purchase of electricity distributor Endeavour Energy in 2017. Macquarie reported assets under management of $736.1 billion as of December 31, with $326 billion allocated across Australia and New Zealand.
