Cashed up Qube on acqusition hunt

Shareholders back Carlyle stake purchase in port transport firm

April 6, 2011

Port transport firm Qube Logistics will have a $175 million war chest following shareholder backing for the Carlyle Infrastructure Partners (CIP) purchase of 15 percent of the company.

Qube said in late February that CIP intended to buy the stake in two instalments for $116.6 million.

The investment should be completed by April 12.

"Following completion of the placement, Qube will be in a very strong financial position to pursue further acquisitions with case and equivalents of approximately $175 million," Qube says.

In February, Qube had flagged increasing its control over P&O Trans Australia and acquisitions as the main points of its growth focus given its strengthened financial resources.

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