Qube grabs rest of POTA

DP World stake purchase leaves $70 million in investment kitty

April 18, 2011

Good as its word, logistics firm Qube is about to take international stevedore DP World’s stake in P&O Trans Australia (POTA).

The $106 million transaction will give Qube 94.5 percent of POTA, which looks after containerised port cargo logistics and services.

These include road and rail transport to and from the port, operation of full- and empty-container parks, customs and quarantine services, warehousing and distribution, intermodal terminals and international freight forwarding.

The remaining 5.5 percent will be owned by management and the transaction should be completed within the next two weeks.

"We believe that there are substantial growth opportunities for this business, particularly relating to increasing use of rail transport for container movements to and from the ports," Qube’s Investment Advisory Committee Chairman, Chris Corrigan, says.

The move comes nearly two months after Qube revealed that Carlyle Infrastructure Partners (CIP) would take a 15 percent stake in it for $116.5 million.

At the time, it had said the investment would "place Qube in a very strong financial position to increase its shareholding in POTA", and to pursue new acquisitions and undertake development projects.

The deal will leave Qube’s acquisitions and investment war chest with $70 million.

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