Through the deal, the ASX lister gains a foothold in NZ's container logistics market
Simpson Grierson has helped ASX lister Qube to pick up a 50% interest in container storage and handling service Pinnacle Corporation Ltd.
Qube managing director Paul Digney explained that the JV gives Qube a chance to get a foot in the door of New Zealand’s container logistics market.
“This joint venture is consistent with our strategy for growth and geographic diversification within Qube’s core strategic focus, and builds on Qube’s existing port logistics presence throughout New Zealand, under the ISO brand”, he said in an ASX announcement.
Pinnacle managing director Grant Tregurtha added that the combination of both Qube and Pinnacle’s strengths would “better serve customers, promote innovation and provide greater opportunities for future growth and expansion”.
“It is great to see Qube building on its substantial New Zealand port infrastructure services which comprise stevedoring, marshalling, warehousing, transport and IT solutions to exporters/ importers and freight forwarders”, co-lead partner Michael Pollard said.
Pollard helmed the Simpson Grierson team alongside partner Anastasiya Gutorova. They received support from solicitor Charlie Devonshire.
