Macquarie Asset Management offers US$7.5 billion for logistics firm Qube
The Australian logistics and shipping-containers’ operations span container leasing, car and grain cargo terminals, and road and rail transport services
[SYDNEY] Macquarie Asset Management offered to buy Qube Holdings in a deal valuing the Australian logistics and shipping-containers company at A$11.6 billion (S$9.8 billion).
Qube investors would receive A$5.20 in cash for each share, 28 per cent more than Friday’s (Nov 21) close, the company said on Monday. Qube agreed to let Macquarie Asset Management carry out exclusive due diligence.
Qube shares jumped 19 per cent to A$4.86 in early trading in Sydney, well short of the offer price.
The gap between Qube’s stock price on Monday and the offer reflects the numerous conditions tied to the deal and the lengthy timeframe before completion. Macquarie Asset Management’s due diligence runs until Feb 1, 2026, a months-long window in which financial or geopolitical developments could cloud the outlook. It could then be several months more before any deal is completed and shareholders get paid.
Macquarie Asset Management must produce a binding bid of at least A$5.20 after going through Qube’s books in order to unanimously win over Qube’s directors. After that, approvals may be required from Australia’s Foreign Investment Review Board and the Australian Competition & Consumer Commission, according to the statement.
Qube’s operations span container leasing, car and grain cargo terminals, and road and rail transport services. The company’s shares have soared from a low of A$1.79 in March 2020.
Macquarie Asset Management, a unit of Macquarie Group, oversees almost A$960 billion of assets across public and private markets, with portfolio companies ranging from the operator of Stockholm Airport’s train line to tolled expressways in South Korea.
It’s not the first time Macquarie Asset Management has studied Qube’s accounts. According to Qube, the latest bid follows an earlier, undisclosed proposal from the firm and a period of negotiation and limited due diligence. Qube did not specify the value of the previous offer or when it was made, and said there’s still no guarantee of a binding offer.
“We look forward to continuing to engage constructively,” Qube chairman John Bevan said.
UBS Group is advising Qube. BLOOMBERG
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