Qube Holdings has officially agreed to be acquired by Macquarie Asset Management following nearly three months of negotiations. The deal implies an enterprise value of approximately A11.7billion(US8.3 billion) for Australia’s largest integrated logistics provider.
Macquarie first approached Qube with a non-binding proposal in November 2025. The final agreement offers a 28% premium to the share price at that time.
- Macquarie will pay cash to all shareholders, with one notable exception.
- Key Investors:
- UniSuper: Currently holding 15% of Qube, UniSuper will roll its equity into an equivalent position in the new holding company.
- Pontegadea: The investment firm of Amancio Ortega (Zara founder) is joining the consortium. Pontegadea is already a 50% investor in the UK’s PD Ports.
Ben Way, Head of Macquarie Asset Management, cited the firm’s long-standing track record of identifying opportunities driven by long-term themes. “We believe Qube exemplifies this approach and will work to deliver positive outcomes for its customers and our clients and partners,” Way stated.
Ani Satchcroft, Macquarie’s Co-Head of Infrastructure for Asia Pacific, pointed to macro drivers: “Population growth, increasing demand for goods and services, and strengthening sovereign capabilities are driving the importance of robust and resilient supply chains.”
Founded in 2006, Qube has grown through strategic acquisitions to become a dominant force in Australian logistics.
- Freight handling and stevedoring facilities at 29 ports across Australia.
- Patrick Terminals: Acquired a 50% interest in 2016, operating in Brisbane, Sydney, Melbourne, and Fremantle.
- Financial Performance: In FY 2025, Qube reported underlying revenue growth of 27% to A$4.46 billion and an EBITA increase of 18.5% to A$377.2 million.