Macquarie Asset Management (MAM) has signed a Scheme Implementation Deed to acquire Qube Holdings Limited by way of Scheme of Arrangement.
Under the Scheme, Qube shareholders other than UniSuper will receive $5.20 cash per share.
The cash consideration of $5.20 per share represents a 28 per cent premium to the last closing share price of Qube of $4.07 per share on 21 November 2025 – valuing Qube at approximately $11.7 billion.
UniSuper will transfer its existing direct 15.07 per cent shareholding in Qube at equivalent value for a corresponding interest in the holding structure of the consortium acquirer.
The consortium comprises MAM managed funds and co-investors including UniSuper and Pontegadea.
The proposal relating to Qube’s acquisition was first announced on 23 November 2025 when Qube and MAM entered into a process and exclusivity deed.
Qube Managing Director, Paul Digney, since expressed his faith in the agreement – claiming it will contribute to the business’ future growth.
“MAM’s offer underscores the value that has been created through our strategy for growth, the quality of our business, leadership team and people and the strength of our safety culture,” he said.
“Since inception, Qube has achieved significant growth and diversification across markets and geographies.
“I am confident that this transaction will provide the platform for the business to continue that evolution while maintaining our strong track record of enhancing supply chains and delivering outstanding customer service.”
MAM and its co-investors will now support Qube’s world-class management team to drive further growth and resilience in the business.
According to MAM, the focus will be investing in Qube’s 200 sites in Australia, New Zealand and Southeast Asia, as well as new opportunities across the Asia Pacific region.
“Macquarie Asset Management has a longstanding track record of identifying opportunities driven by long-term thematics,” said Head of MAM, Ben Way.
“We believe Qube exemplifies this approach and will work to deliver positive outcomes for its customers and our clients and partners.”
The Scheme is currently subject to customary conditions and regulatory approvals, including from the Foreign Investment Review Board and the Australian Competition and Consumer Commission.
