Qube enters scheme deed for $11.7b Macquarie buyout
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The news: Logistics group Qube has entered into a scheme implementation deed with a consortium led by Macquarie Asset Management (MAM), after announcing a proposed $11.6 billion takeover offer late last year.
The numbers: Under the terms of the scheme, Qube shareholders, other than UniSuper, will receive $5.20 per share. UniSuper will transfer its existing 15.07% stake in Qube for a corresponding interest in the holding structure of the consortium.
The scheme consideration implies an enterprise valuation for Qube of $11.7 billion, representing a 27.8% premium to Qube's closing share price of $4.07 on 21 November, the last trading day before the offer was announced. Qube shares last closed at $4.85.
The context: The Qube board unanimously recommended shareholders vote in favour of the scheme. A scheme meeting is currently expected to be held around June 2026.
The consortium includes MAM-controlled MAIF 4 Rubik, super fund UniSuper and Pontegadea, the family office of Zara owner Amancio Ortega.
What they said: "The scheme consideration represents a significant premium to the share price prior to announcement," said Qube chairman John Bevan.
"It reflects the strength of the business today and the strong growth prospects Qube enjoys as a leading logistics provider across Australia, New Zealand and the region."
MAM's co-head of infrastructure for Asia Pacific, Ani Satchcroft, commented: "Macquarie Asset Management has extensive experience in developing supply chain infrastructure, security and resilience. We look forward to partnering with our co-investors and working with Qube's world class management team, as the company enters its next phase."
The source: ASX
