30 03 2016

Brookfield and Qube Consortiums acquired Asciano Limited, a port and rail logistics company in Australia

Brookfield Infrastructure Partners together with its institutional partners, GIC Private Limited, British Columbia Investment Management Corporation and the Qatar Investment Authority and Qube Holdings Limited, announced a binding agreement to implement a transaction that will result in the acquisition of the entire business currently owned and operated by Asciano Limited, a high quality port and rail logistics company in Australia with an enterprise value of approximately A$12 billion.


The key terms of the transaction are outlined as follows: All-cash consideration of A$9.28 per share, inclusive of already announced A$0.13 per share interim dividend
Acquisition of the ports business for A$3.84 billion, cash and debt free: The Brookfield Consortium and the Qube Consortium will acquire the Patrick terminals business on a 50/50 basis for A$2,915 million
The Brookfield Consortium will acquire 100% of BAPS for A$925 million. Acquisition of the rail business 76% by certain institutional partners of the Qube Consortium (excluding Qube) and 24% by certain institutional partners of the Brookfield Consortium (excluding Brookfield). As part of the above transaction, Brookfield Infrastructure has committed to invest a minimum of US$350 million from its current liquidity into Asciano's high quality ports business, a unique network of port assets in Australia that include: Patrick, the container terminal operations in major Australian cities including Sydney, Melbourne, Brisbane and Perth that have a capacity of approximately 4.9 million TEUs; and
BAPS, the Port, terminal and supply chain services that support shipping lines, importers, exporters, freight forwarders and customs brokers. On completion of this transaction, Brookfield Infrastructure will earn an amount of approximately US$70 million on its proportionate share of Brookfield Consortium's toehold position in Asciano and the break fee previously paid in connection with the prior offer. Jones Day is advising CIC Capital on the transaction with a team led by Corporate partner Mark Crean. Involved fees earner: Mark Crean - Jones Day;

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