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02/2026100%LBO

Qube acquired by Macquarie

AUSTRALIA Transport & Logistics / Infrastructure & Ground Services EV AUD 5–15bn

Context

The transaction involves the acquisition of Qube Holdings Limited by a consortium led by Macquarie Asset Management, comprising MAM managed funds and co-investors, including UniSuper and Pontegadea. The consortium will acquire all of the shares in Qube by way of a scheme of arrangement, with Qube shareholders receiving cash consideration for their shares. The transaction is subject to customary conditions and regulatory approvals, including from the Foreign Investment Review Board and the Australian Competition & Consumer Commission. The strategic rationale for the transaction is driven by the importance of robust and resilient supply chains in Australia and the Asia Pacific region, with the consortium seeking to support Qube’s world-class management team in driving further growth and resilience in the business. The transaction is expected to provide a platform for Qube to continue its evolution, while maintaining its strong track record of enhancing supply chains and delivering outstanding customer service.

Qube, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

-> Deep-dive in Business Services market trends

Target

Qube Holdings Limited is Australia’s largest provider of ports and terminal infrastructure assets, supported by a 10,000-strong workforce. The company operates a transport and trade network that handles an array of goods and services, including outbound grain and cottonseed shipments. Qube has a strong track record of investment in supply chain infrastructure, security and resilience, including at Moorebank Logistics Park and Patrick Terminals. The company’s efforts in decarbonisation and digitalisation deliver significant sovereign supply chain capability at a time of rising trade demand and regional population growth. Qube’s operations span across 200 sites in Australia, New Zealand, and South-East Asia, as well as new opportunities across the Asia Pacific region, providing a comprehensive range of services to its customers.

Ent. Value

AUD 5–15bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

Above 20x

Historical Financials (AUD)

Year
Rev
EBITDA
EBIT
2025
AUD 1–10bn
AUD 450–900M
AUD 250–500M
2024
AUD 1–10bn
AUD 450–900M
AUD 250–500M

Other operations with Macquarie

Other operations with Macquarie
DateAcquirerTargetCountrySector
05/2022CDP EQUITY / BLACKSTONE / MACQUARIEAUTOSTRADE PER L'ITALIAITALYInfrastructure & Ground Services
03/2022MACQUARIEREDEN SOLARFRANCESolar / PV

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REFERENCES

Valuation range: EV AUD 5–15bn

Revenue range: AUD 1–10bn

EBITDA range: AUD 450–900M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Qube by Macquarie are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: qube

FAQ

What transaction does this page cover?

This page covers Macquarie’s acquisition of 100% of Qube, an Australian company specialised in Infrastructure & Ground Services, in 2026, structured as a leveraged buyout (LBO).

How was the acquisition of Qube by Macquarie valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the AUD 5–15bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Qube’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Qube generated annual revenue estimated in the AUD 1–10bn range and EBITDA in the AUD 450–900M bracket (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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