In a significant move within the Australian logistics sector, Qube Holdings announced that Macquarie Asset Management has submitted a non-binding proposal to acquire the company at an enterprise value of approximately AU$11.6 billion ($7.49 billion). Macquarie’s offer stands at AU$5.2 per share in cash, which equates to a nearly 28% premium over Qube’s recent closing share price of AU$4.07.
Following the release of this news, Qube’s share price surged over 20%, reaching a record-high of AU$4.89. Meanwhile, shares of Macquarie Group, the parent company of the asset management division, experienced a slight decline, dipping by 0.37% to AU$193.38.
This proposal comes after prior negotiations, during which Macquarie reportedly made a lower unsolicited offer. Although Qube’s filing did not disclose the specifics of that prior offer, it indicated that the latest bid reflects an enterprise value that is around 14.4 times Qube’s projected earnings before interest, taxes, depreciation, and amortization (EBITDA) for the financial year 2025. Enterprise value encompasses a company’s total worth, factoring in market capitalization, debt obligations, and liquid cash.
Qube’s range of operations includes container leasing, car and grain cargo terminals, as well as road and rail transport services. The proposal and potential acquisition are contingent on satisfactory completion of due diligence regarding Qube’s operations, final approvals from both companies’ boards, and required regulatory nods.
The logistics company stated that it has entered into an exclusivity deed with Macquarie, allowing the asset manager a period for due diligence until February 1, 2026. Qube Chairman John Bevan expressed optimism about the discussions, stating, “We look forward to continuing to engage constructively in the best interests of our shareholders.”
In related developments, a spokesperson for Macquarie Asset Management declined to comment on the proposal when approached for additional details.
Currently, Macquarie Asset Management oversees nearly AU$960 billion in assets across global public and private markets, with investments spanning infrastructure, real estate, and agriculture sectors. In the wake of Qube’s announcement, Samuel Seow, vice president and equity analyst at Citi Bank, maintained a “buy” rating on Qube, setting a target price of AU$4.9. He did, however, highlight potential risks such as intense price competition in Australia’s logistics market and possible industrial actions affecting Qube’s workforce.
The proposed acquisition occurs amid a wave of heightened activity in Australia’s logistics sector, with major companies looking to bolster their positions. Earlier this year, DP World acquired Silk Logistics for AU$175 million, enhancing its operations related to waterfront warehousing and transportation. Additionally, Lindsay Australia further expanded its national cold chain logistics footprint, acquiring SRT Logistics for about $108 million, following previous acquisitions aimed at broadening its reach into Western Australia.
In a separate development within the resource sector, Australia’s BHP Group announced its decision to withdraw from negotiations with British mining firm Anglo American, effectively discontinuing its pursuit of a reported $49 billion takeover.
