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Macquarie Bids $11.6 Billion for Australian Logistics Firm Qube

SYDNEY - In a surprise move, Macquarie's asset management arm has offered to acquire Australian freight logistics company Qube Holdings Ltd. for $11.6 billion, a 28% premium to its last closing price.

The proposed takeover, if successful, would be a significant consolidation play in Australia's infrastructure and logistics sector. Qube operates major port and rail terminals across the country, making it an attractive target for Macquarie as it seeks to expand its global logistics footprint.

"This is a bittersweet moment for many Qube investors who have seen the company grow into a national logistics champion," said Jamie Hannah, deputy head of investments at VanEck, a major Qube shareholder. "While the offer price seems fair, it's always tough to see another iconic Australian company potentially leave the public markets."

Macquarie is offering Qube shareholders A$9.00 per share in cash, a premium of 28% to Qube's closing price of A$7.05 on Friday. The deal would need to clear regulatory hurdles and win approval from at least 75% of Qube shareholders.

Industry sources say the takeover reflects Macquarie's belief that supply chain and logistics assets will remain in high demand, even as economic growth slows. Qube's network of ports, rail terminals, and freight forwarding operations would complement Macquarie's existing infrastructure investments across roads, airports, and energy assets.

"This is part of a broader trend we're seeing of infrastructure giants like Macquarie consolidating their positions in mission-critical logistics infrastructure," said one analyst, who declined to be named. "They're doubling down on transportation and supply chain assets that are positioned to benefit from the reconfiguration of global trade flows."

The proposed acquisition comes amid a flurry of M&A activity in the Australian listed infrastructure space. Earlier this year, a consortium led by Canada's Brookfield Asset Management took private toll road operator Atlas Arteria in a A$32 billion deal.

Analysts say Macquarie is offering a fair price for Qube, with the A$9 per share bid representing an enterprise value multiple of around 15 times the company's expected 2026 EBITDA. That's in line with recent logistics and infrastructure transactions, though below the 18-20x multiples seen in some heated sectors like technology.

If successful, the deal would be one of the largest Australian corporate takeovers of the year and mark a major consolidation play in the country's critical supply chain infrastructure.