Qube Holdings has reached a deal to be acquired by a consortium led by Macquarie Asset Management for A$11.7 billion (approximately $8.26 billion). The proposed transaction was disclosed publicly on Monday and prompted a notable market reaction for the Sydney-based logistics operator.
Shares in Qube rose in early trading, climbing as much as 4.1% to an intraday high of A$5.05. That level marked a record for the stock but remained under the consortium's stated purchase price of A$5.20 per share.
The firms said the arrangement follows months of discussions. Negotiations began in November when the Macquarie-led group submitted a non-binding proposal for Qube, which is described as Australia’s largest integrated provider of import and export logistics. The latest agreement formalizes the terms after that earlier approach.
Under the terms outlined by both parties, Qube will have the ability to pay dividends of up to 40 Australian cents prior to completion. Any dividend paid within that allowance will be subtracted from the A$5.20 offer price on a per-share basis, in line with the mechanism specified by the consortium and Qube.
Separately, Australian pension fund UniSuper, which holds a stated 15.07% stake in Qube, will deposit its shares into the consortium as part of the transaction structure. That transfer of UniSuper’s holding is included in the deal as presented.
The announcement attracted buying interest in the stock during the morning session, lifting the share price to new highs though below the consortium’s offer point. The companies provided the terms and the stakeholder transfer details as part of their joint release.
Context limitations: The companies provided the price, dividend allowance and UniSuper stake figures as part of the agreement. No additional details on timing, other consortium members, financing arrangements or regulatory steps were included in the announcement provided.