Macquarie Asset Management-led consortium enters binding agreement to acquire Qube at $A5.20 cash per share

The Qube Board unanimously recommends shareholders vote in favour of the proposed Scheme of Arrangement in the absence of a superior proposal and subject to an independent expert concluding that the Scheme is in the best interests of Qube shareholders (other than UniSuper).

Macquarie Asset Management (MAM), together with its managed funds and co-investors today announced the signing of a Scheme Implementation Deed (SID) to acquire all of the shares in Qube Holdings Limited (Qube) by way of scheme of arrangement (Scheme). 

Under the Scheme:

• Qube shareholders, other than UniSuper, will receive $5.20 cash per share¹ for their Qube shares; and
• UniSuper will transfer its existing direct 15.07% shareholding in Qube at equivalent value for a corresponding interest in the holding structure of the consortium acquirer. 

The consortium comprises MAM managed funds and co-investors including UniSuper and Pontegadea.

The cash consideration of $5.20 per share represents a 28% premium to the last closing share price of Qube of $4.07 per share on 21 November 2025 and values Qube at approximately A$11.7 billion.

Qube is Australia’s largest provider of ports and terminal infrastructure assets, supported by a 10,000-strong workforce.

Together with its co-investors, MAM will support Qube’s world class management team to drive further growth and resilience in the business with a focus on investing across Qube’s 200 sites in Australia, New Zealand and South-East Asia, as well as new opportunities across the Asia Pacific region.

Qube has a strong track record of investment in supply chain infrastructure, security and resilience – including at Moorebank Logistics Park and Patrick Terminals. Together with Qube’s efforts in decarbonisation and digitalisation, these investments deliver significant sovereign supply chain capability at a time of rising trade demand and regional population growth.

Ben Way, Head of Macquarie Asset Management, said: “Macquarie Asset Management has a longstanding track record of identifying opportunities driven by long-term thematics. We believe Qube exemplifies this approach and will work to deliver positive outcomes for its customers and our clients and partners.”

Ani Satchcroft, Macquarie Asset Management Co-Head of Infrastructure for Asia Pacific, said: “Population growth, increasing demand for goods and services, and strengthening sovereign capabilities are driving the importance of robust and resilient supply chains, in Australia and across the Asia Pacific region.

“Macquarie Asset Management has extensive experience in developing supply chain infrastructure, security and resilience. We look forward to partnering with our co-investors and working with Qube’s world class management team, as the company enters its next phase.

“We believe our proposal offers compelling value for Qube shareholders and we are pleased to have received the Board’s unanimous recommendation that investors vote in favour of the Scheme.”

Paul Digney, Managing Director at Qube, said: “MAM’s offer underscores the value that has been created through our strategy for growth, the quality of our business, leadership team and people and the strength of our safety culture.

“Since inception, Qube has achieved significant growth and diversification across markets and geographies. I am confident that this transaction will provide the platform for the business to continue that evolution while maintaining our strong track record of enhancing supply chains and delivering outstanding customer service.”

John Pearce, Chief Investment Officer at UniSuper, said: “Investing in Qube is ultimately a bet on Australia so we are delighted to continue as a significant shareholder.”

Roberto Cibeira Moreiras, Chief Executive 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. We look forward to contributing our extensive expertise to support the continued growth and long-term success of Qube.”

The Scheme is subject to customary conditions and regulatory approvals, including from the Foreign Investment Review Board (FIRB) and the Australian Competition & Consumer Commission (ACCC). 

1. The scheme consideration will be reduced by the cash amount of any dividends declared or paid by Qube prior to the Scheme taking effect.