Macquarie AM-led consortium finalises Qube takeover

Macquarie Asset Management (MAM) and a consortium of global investors, including UniSuper and the family office of a Spanish billionaire, have completed their $11.7 billion acquisition of logistics and infrastructure giant Qube Holdings.

The transaction, executed via a Scheme of Arrangement, was finalised today, resulting in Qube's delisting from the ASX.

Qube operates an extensive network of terminals, ports, storage, rail and road facilities across Australia, New Zealand and Southeast Asia, providing end-to-end logistics and supply chain services.

The third party to the Rubik Consortium is Pontegadea Inversiones, the family office of Spanish billionaire Amancio Ortega Gaona, the founder of Inditex, the parent company of Zara.

MAM is the main investor (65%), followed by UniSuper (20%) and Pontegadea (15%).

Through MAM's investment vehicle, investors with interest in Qube include Temasek, GIC Private, CalPERS and the National Pension Service of South Korea (NPS).

Other investors that will hold interests in Qube through the MAM Box, as well as existing interests in logistics and infrastructure assets, include Temasek, GIC Private Limited (GIC), CalPERS and the National Pension Service of South Korea (NPS).

MAM co-head of infrastructure for Asia Pacific Ani Satchcroft said the business was well positioned to benefit from growing demand for logistics infrastructure and energy-related activity.

"Our investment in Qube demonstrates our conviction in the role of private capital in supporting logistics infrastructure, security and resilience opportunities across the APAC region," Satchcroft said.

The consortium paid $5.20 cash per share, less the cash amount of any dividends declared or paid after the date of the Scheme Implementation Deed.

Qube managing director Paul Digney described the completion of the deal as "an exciting new chapter" for the company, highlighting the strength of its assets, people and safety culture.

Patricia Alonso, chief investment officer at Pontegadea, said: "We are very pleased to expand Pontegadea's global investment portfolio into Australia. This transaction represents a further step for Pontegadea's global strategy of investment diversification specifically targeting high-quality assets such as Qube and strengthens our commitment to invest in innovative infrastructure supported by strong partners such as Macquarie Asset Management, with a proven management track record and with whom we share the same long-term view on investments."