The deal has been described as the biggest take-private deal for FY2026
Allens has assisted Qube Holdings Limited on its proposed acquisition by a Macquarie Asset Management-led consortium for $11.7bn.
The deal was described by the firm as the largest take-private transaction in FY2026. It will see the consortium take ownership of all Qube shares via scheme of arrangement.
“This landmark cross-border deal demonstrates the growing importance of secure and reliant supply chains to the Australian economy and the increasing desirability of Australian infrastructure assets to global private capital”, Allens co-lead partner Charles Ashton said.
Public M&A managing associate Elise Blume added that the deal marked “a strong start to the year for the public M&A market”.
Under the deal, Qube shareholders (except UniSuper) would receive $5.20 cash per share. Meanwhile, UniSuper would transfer its direct 15.07% share in Qube at equivalent value for a corresponding interest in the consortium acquirer’s holding structure.
“Population growth, increasing demand for goods and services, and strengthening sovereign capabilities are driving the importance of robust and resilient supply chains, in Australia and across the Asia Pacific region”, said Ani Satchcroft, Macquarie Asset Management co-head of infrastructure for Asia Pacific, in a press release.
The consortium includes Macquarie Asset Management funds and co-investors like UniSuper and Pontegadea. The scheme is pending customary conditions and regulatory approvals from the FIRB and the ACCC.
The Allens team that advised on the deal was led by Ashton, fellow partner Tom Story and Blume. They worked alongside M&A and capital markets managing associate Bree Rowswell, associates Michael Kralic and Catherine Thomas, and lawyer Nicole Apap.
Partner John Hedge tackled the competition, consumer and regulatory aspects, while the tax aspects were handled by partner Ellen Thomas, managing associate Ria Neilson and associate Ashton Cook. The projects, real estate and development aspects were handled by partner Carrie Rogers, senior associates Christen Wallner and Alexandra Tie, associate Eva Pearson, and lawyers Sophia Di Mattina, Isabella Waldie, Isabelle Orazio and Rebecca Whiting.
