Macquarie-Led Group to Take Qube Private
A consortium led by Macquarie Asset Management has entered a scheme implementation deed to acquire Australian logistics group Qube Holdings in a take-private deal valued at A$11.7 billion (US$8.3B). The transaction, which echoes prior infrastructure privatizations like that of Sydney Airport, signals continued private equity interest in major logistics and infrastructure assets. The deal is now subject to regulatory review.
- The deal values Qube at an enterprise value of approximately A$11.7 billion, implying an EV/FY25 EBITDA multiple of around 14.5x. The all-cash offer of A$5.20 per share represents a 27.8% premium to Qube's closing price on November 21, 2025. - The acquiring consortium includes the Australian pension fund UniSuper, which will roll its existing 15.07% stake into the privatized entity rather than taking cash. Other members of the consortium include Pontegadea, the family office of Zara founder Amancio Ortega, Brisbane-based Brighter Super, and US asset manager Mercer. - Qube is a major player in Australian logistics, operating across more than 200 locations in Australia, New Zealand, and South-East Asia. Its key assets include a 50% stake in Patrick Terminals, Australia's largest container terminal operator, and the Moorebank Logistics Park in Sydney. - Macquarie Asset Management is the world's largest infrastructure manager, with deep experience in sectors like transportation, energy, and digital infrastructure. This acquisition is set to be its largest investment in Australian infrastructure, surpassing its A$7.6 billion purchase of Endeavour Energy in 2017. - The transaction is structured as a Scheme of Implementation Deed, which requires approval from Qube shareholders (excluding UniSuper), the Supreme Court of New South Wales, and various regulators. - This take-private deal is part of a broader trend of significant M&A activity in Australia's industrial, mining, and infrastructure sectors, with private equity firms expected to be active due to record levels of available capital. The logistics sector, in particular, has seen increased interest driven by the growth of e-commerce. - Qube's business is divided into two main divisions: the Operating Division (comprising Logistics, Infrastructure, Ports, and Bulk) and its 50% interest in Patrick Terminals. The company provides a wide range of services, including road and rail transport, warehousing, and port logistics. - Prior to the formal offer, the parties entered into a process and exclusivity deed following an earlier unsolicited, non-binding offer at a lower value. If the deal's implementation is delayed past December 2026, a "ticking fee" of two cents per share per month becomes payable to shareholders.
