Macquarie Asset Management is leading a consortium that already controls about 18.4% of Qube, an ASX‑listed logistics and port operator that owns half of stevedore Patrick and runs key terminals in Sydney, Melbourne, Brisbane and Perth. The group is working to finalise a takeover proposal by mid February after an initial all cash offer of $5.20 per share in late 2025, at a time when investors are increasingly focused on infrastructure assets that sit at the heart of trade and supply chains.
To strengthen its hand, Macquarie has teamed up with global investment firm Pontegadea, large superannuation funds UniSuper and Brighter Super and Mercer Investments, blending operational expertise with long term capital. Qube’s share price nudged up to around $4.90 after the partnership was revealed, reflecting market interest but also the gap between current trading levels and the earlier indicative bid. Pontegadea has been steadily building a logistics portfolio, including a 49% stake in a major UK ports operator and warehouses in Europe and Canada that serve a leading global online retailer and is expected to act as a strategic partner rather than just a financial backer by sharing know how across complex supplier networks.
The move appears to be part of a broader strategy by Macquarie to lock in early positions in sectors it views as infrastructure growth engines, similar to its acquisition of telecommunications group Vocus, which later expanded its fibre network through a $5.25 billion purchase of key assets from another telco. UniSuper already holds about 15% of Qube and is conducting due diligence under a bid conduct agreement, while also reshaping its wider infrastructure exposure across airports and toll roads, and Mercer is likewise widening its reach in ports, airports, utilities and data centres. If the Qube deal progresses it is likely to deepen foreign and institutional ownership of critical Australian logistics, which could deliver more capital and efficiency to ports and freight but may also prompt closer scrutiny of how control of these assets evolves over time.
