Stonepeak, an alternative investment firm specialising in infrastructure and real assets, and Spirit Super, an Australian industry super fund, are to acquire 100% of Australia’s GeelongPort Pty Limited.
Stonepeak, an alternative investment firm specialising in infrastructure and real assets, and Spirit Super, an Australian industry super fund, are to acquire 100% of Australia’s GeelongPort Pty Limited (GeelongPort).
GeelongPort is Victoria’s second largest port located approximately 75 kilometres southwest of Melbourne within Victoria’s largest regional city, Geelong. Under the terms of the agreement, Stonepeak, on behalf of its managed funds and accounts, will hold a majority 70% interest in the entity and Spirit Super will have a 30% stake.
GeelongPort is a diversified landlord port and a major driver of Victoria’s economy, managing over AUD7 billion of trade and supporting more than 1,800 jobs across the state. We believe the location of GeelongPort makes it of high strategic significance, as it provides easy access to logistics routes for trade through critical road, rail, air, and channel connections for Geelong and south-west Victoria’s supply chains.
Stonepeak and Spirit Super’s long-term investment horizon and strong focus on operations will, in our view, support GeelongPort in its continued efforts to grow and deepen relationships with key customers and business partners. For over 150 years, GeelongPort has played a fundamental role in the Victorian economy with operations underpinned by long-dated, blue-chip public and private contracts, including the Spirit of Tasmania operated by TT Line.
GeelongPort handles close to 12 million tonnes of cargo and more than 600 vessel visits each year.
The transaction is expected to close towards the end of the first quarter of 2023, subject to customary regulatory approvals.
The Consortium were advised by Gresham Partners acting as financial advisor, King & Wood Mallesons as legal advisor and Clayton Utz as tax advisor.
