Stonepeak Infrastructure Partners and Spirit Super Signed Deal to Acquire Australia’s GeelongPort
Posted on 11/21/2022
Stonepeak Infrastructure Partners and Spirit Super announced the signing of a definitive agreement to acquire 100% of Australia’s GeelongPort Pty Limited. GeelongPort is Victoria’s second largest port; located approximately 75 kilometers southwest of Melbourne, within Victoria’s largest regional city, Geelong. Under the terms of the agreement, Stonepeak, on behalf of their managed funds and accounts, will hold a majority 70% interest within the entity and Spirit Super will hold a 30% stake. The deal approximated a worth of nearly, A$ 1.1 billion.
The sellers are Brookfield Asset Management and State Super.
GeelongPort, is not only a diversified landlord port, but is also a major driver of Victoria’s economy. This port manages over A$7 billion of trade and supports more than 1,800 jobs across the state.
For over 150 years, GeelongPort has played a fundamental role in the Victorian economy, through operations underpinned by long-dated public and private contracts; including the Spirit of Tasmania which is operated by TT Line. GeelongPort comprises 15 berths over two primary precincts, Corio Quay and Lascelles Wharf; providing land, infrastructure, and services to facilitate trade for some of Victoria’s largest businesses. GeelongPort handles approximately 12 million tonnes of cargo and more than 600 vessel visits per year.
The transaction is expected to close towards the end of the first quarter of 2023, subject to customary regulatory approvals.
Advisors
The Consortium is advised by Gresham Partners, as financial advisor, King & Wood Mallesons as legal advisor and Clayton Utz as tax advisor. Barrenjoey and Macquarie Capital counseled the sellers. For legal advice, State Super used Ashurst, while Brookfield hired on White & Case.
Spirit Super was established in 2021 through the merging of both Tasplan and MTAA Super.
