Only shareholder backing now needed for US-owned investment fund to take 15 percent of Corrigan-advised logistics company
March 7, 2011
The financial link that will set Qube Logistics up to tackle expansion has surmounted its first hurdle.
The Foreign Investment Review Board (FIRB)
has approved Carlyle Infrastructure Partner’s (CIP’s) $116.5 million purchase of 15 percent of Qube, the Australian port-side logistics company.
The deal now only needed shareowner approval to go ahead, Sydney’s Qube says.
CIP, a subsidiary of US investment firm Carlyle Partners, would spend $46.3 million initially and $70.3 million subsequently, subject to regulatory and shareholder agreement, the Australian firm said on February 24.
Chris Corrigan, Chairman of Qube’s investment advisory committee, said at the time that it “look forward to working together with CIP to grow Qube over the medium-long term”.