Macquarie Agrees to Buy Australian Ports and Logistics Company Qube
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 FY24.
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“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.