February 27, 2026 | Industrials | Australia | Active
On 16-Feb-26, Qube Holdings agreed to a Macquarie Asset Management (MAM)-led take-private, valuing the logistics services company at AUD 11.7bn, or AUD 5.20 per share. Additional co-investors include UniSuper, Qube’s largest shareholder, which has agreed to roll its stake and vote in favour (currently holding a 15.07% stake and set to own 20% in the investment vehicle), and Pontegadea Shareholdings, the family office of Zara founder Amancio Ortega (15% in post-deal ownership); MAM will own the remaining 65%, according to AFR. Until completion, Qube will continue paying dividends, including for its half-year period ending 31-Dec-25 (ex- 3-Mar-26), but any distribution will be deducted from the offer price. Dividends will be franked to the maximum extent possible, with franking credits for shareholders worth up to AUD 0.17 per share. The deal follows a non-binding approach made by the MAM-led consortium in November 2025 and months of negotiations that culminated in signing the scheme implementation deed (SID). The offer is unanimously recommended by Qube’s board and implies a 27.8% premium to Qube’s 21-Nov-25 undisturbed price. The transaction will be implemented by way of an Australian scheme of arrangement, requiring approval by at least 75% of votes cast and a majority in number of shareholders present and voting (in each case, at the scheme meeting). If the scheme fails the headcount test and Qube suspects the outcome resulted from “abusive or improper conduct”, Qube can seek a court order to disregard the test and still proceed to court approval. UniSuper has notably committed to not sell its stake in addition to voting in favour. On the regulatory front, the acquisition is also subject to foreign investment clearances from Australia’s Foreign Investment Review Board (FIRB) and New Zealand’s Overseas Investment Office (OIO), as well as antitrust approvals from Australia (ACCC) and Papua New Guinea (ICCC). Notifications to FIRB, OIO and ICCC will be made within ...
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