Qube announces $332.5M acquisition

Project London Stage 2.

A wholly owned subsidiary of Qube has entered a binding agreement.

Australian Amalgamated Terminals (AAT) has agreed to acquire Melbourne International RoRo & Automotive Terminal (MIRRAT) from Wallenius Wilhelmsen.

The facility, according to Qube, spans around 35 hectares, features three berths, a 120-tonne gantry crane, 8,000 square metres of undercover storage and two quarantine wash bays. It also holds a 6 Star rating from the Green Building Council of Australia.

Automotive volumes, which represent the majority of the cargo serviced at MIRRAT, are serviced by 14,500 open-air car slots on site and the business is expected to continue to benefit from growing imported car volumes (generally linked to population growth and vehicle turnover).

MIRRAT operates on a similar basis to AAT’s other terminals in Port Kembla (NSW) and Fisherman Island (QLD) and is regulated by the Australian Competition and Consumer Commission (ACCC) under an Undertaking pursuant to section 87B of the Competition and Consumer Act 2010 (Cth).

“As the only dedicated roll-on, roll-off terminal servicing the Victorian market, MIRRAT plays a critical role in the Victorian and national economy,” said Qube Managing Director Paul Digney.

“As a leading Australian logistics provider, Qube is delighted to acquire this high-quality asset, which plays a critical role in efficient import and export automotive supply chains.

“This is a business Qube knows well, recognising that MIRRAT shares a common underlying customer base with AAT.”

AAT Managing Director Antony Perkins said he looks forward to working with the existing MIRRAT staff to deliver excellent operational performance.

Qube intends to rebrand the MIRRAT business to the AAT brand following completion of the agreement.

The total consideration for the acquisition is around $332.5 million (plus stamp duty and other costs) which will be funded from Qube’s available, undrawn debt facilities.

Completion of the acquisition is conditional on ACCC and Port of Melbourne approval and is expected to complete in early FY25.

In other news, Qube added three new Volvo FM13 8×4 crane trucks to its fleet.

Earlier this year, Qube opened a new $24 million common user supply base for Western Australia’s oil and gas industry in Karratha.

  1. Australian Truck Radio Listen Live
Send this to a friend