Carlyle exits Australia's Qube Logistics

The private equity firm confirmed the exit but not the valuation. According to a term sheet cited by Reuters, Carlyle sold 137 million shares in Qube for A$2.55 apiece, in line with the closing price on August 30. It held a stake of about 12% as of last September, according to Qube's 2015 annual report. Carlyle first invested in Qube in 2011, committing A$117 million for an approximately 15% stake.

Qube was locked in a bidding war with Brookfield Asset Management earlier this year over rail freight and cargo port operator Asciano, until the two agreed to a joint takeover offer for A$9 billion that was accepted by Asciano. One of the other investors in the consortium, Canada Pension Plan Investment Board, also committed A$306 million to Qube earlier this month to support the acquisition, according to AVCJ Research.

In its results presentation this month, Qube reported revenue of A1.3 billion for the 2016 financial year, down from A1.4 billion the prior year. Over the same period profit dropped from A$109 million to A$93 million.

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• Topics
• Australasia
• Infrastructure
• Open market
• Australia
• The Carlyle Group
• Exit
• Logistics