Acquisition
Macquarie Asset Management to Acquire Qube Holdings in A$11.7B Deal
•February 17, 2026
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Why It Matters
The acquisition creates a dominant logistics platform in Australia and the broader Asia‑Pacific, enhancing supply‑chain resilience and offering Macquarie a high‑growth infrastructure asset. It signals intensified private‑capital interest in essential transport infrastructure amid rising trade volumes.
Key Takeaways
- •Macquarie to acquire Qube for A$11.7bn.
- •Deal includes 28% premium over November price.
- •UniSuper swaps cash for holding company stake.
- •Qube operates at 29 Australian ports, expands regionally.
- •Underlying FY2025 revenue up 27% to A$4.46bn.
Pulse Analysis
Macquarie Asset Management’s purchase of Qube Holdings marks one of the largest infrastructure deals in the Australian logistics sector. Valued at roughly A$11.7 billion, the transaction reflects a 28% premium to Qube’s November 2025 price and underscores Macquarie’s strategy of consolidating high‑margin, asset‑heavy businesses. By partnering with UniSuper and Pontegadea, Macquarie not only secures cash financing but also aligns with investors experienced in terminal operations, positioning the new entity to leverage synergies across its global port portfolio.
Qube’s extensive network—spanning 29 Australian ports, key terminals in New Zealand, and emerging assets in Southeast Asia—has driven robust financial performance, with FY2025 revenue climbing 27% to A$4.46 billion and EBITA rising 18.5% to A$377 million. The company’s integrated model, covering freight handling, stevedoring, and rail logistics, meets rising demand from population growth and expanding trade flows across the Asia‑Pacific. Macquarie’s expertise in port management, illustrated by holdings in Newcastle, Los Angeles, and New York/New Jersey terminals, will likely accelerate Qube’s operational efficiencies and support further geographic expansion.
The deal highlights a broader shift toward private‑capital investment in critical supply‑chain infrastructure, a trend fueled by governments seeking resilient trade corridors. For the market, the combined entity could set new standards for service reliability and cost competitiveness, pressuring rivals to consolidate or innovate. Investors will watch how Macquarie integrates Qube’s assets, potentially unlocking value through technology upgrades, digital freight platforms, and cross‑border logistics solutions that cater to the evolving needs of manufacturers and retailers in the region.
Deal Summary
Macquarie Asset Management announced it will acquire Qube Holdings, Australia's largest integrated ports and logistics provider, in a cash transaction valuing Qube at approximately A$11.7 billion (US$8.3 billion). The deal, disclosed on February 17, 2026, represents a 28% premium to Qube's November 2025 share price, with UniSuper receiving an equivalent stake in the new holding company.
Article
Source: The Maritime Executive
After nearly three months of negotiations, Qube Holdings announced today that it has agreed to be acquired by Macquarie Asset Management, an Australia‑based global asset management company with more than A$720 billion (US$509 billion) under management. The deal implies an enterprise value for Qube of approximately A$11.7 billion (US$8.3 billion).
Macquarie had first approached Qube in November 2025 with a non‑binding proposal for the acquisition. The deal is a nearly 28 percent premium to the November 2025 share price. Macquarie will pay cash to all the shareholders, except UniSuper, which currently owns 15 percent and which will take an equivalent position in the new holding company. Pontegadea, the investment firm of Spanish billionaire and Zara founder Amancio Ortega, will also be part of the investor group, and is also a 50 percent investor in the UK’s PD Ports.
“Macquarie Asset Management has a longstanding track record of identifying opportunities driven by long‑term thematics,” said Ben Way, Head of Macquarie Asset Management. “We believe Qube exemplifies this approach and will work to deliver positive outcomes for its customers and our clients and partners.”
Qube is described as Australia’s largest integrated provider of import and export logistics services. It was founded in 2006 by some of the executives after the buyout of Patrick Corp. and would go on to grow through acquisitions of Australian railroad operations and other sectors. In a turnaround, in 2016, it acquired a 50 percent interest in Patrick Terminals.
Patrick operates in Brisbane, Sydney, Melbourne, and Fremantle, Australia. In total, Qube has freight handling and stevedoring facilities at 29 ports in Australia. The company also operates broadly across New Zealand and has expanded with a few operations in Southeast Asia. In FY 2025, reported last August, Qube reported its full‑year results included underlying revenue growth of 27 percent to A$4.46 billion and an underlying EBITA increase of 18.5 percent to A$377.2 million, compared to FY 24.
“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,” said Ani Satchcroft, Macquarie Asset Management Co‑Head of Infrastructure for Asia Pacific, pointing to the opportunities for Qube.
Macquarie is no stranger to the ports sector, as it has investments that include key assets like the Port of Newcastle (Australia), Maher Terminals (New York/New Jersey), and investments in the Port of Los Angeles. It has also held investments ranging from NYK Ports, Yusen Terminals, Ceres Terminals, and a stake in Brazilian terminal operator Corredor Logistica e Infraestrutura.
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