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 its managed funds and accounts, will hold a majority 70% interest in the entity and Spirit Super will have a 30% stake. The deal was understood to be worth about A$ 1.1 billion.

The sellers are Brookfield Asset Management and State Super.

GeelongPort is a diversified landlord port and a major driver of Victoria’s economy, managing over A$7 billion of trade and supporting more than 1,800 jobs across the state.

For over 150 years, GeelongPort has played a fundamental role in the Victorian economy with operations underpinned by long-dated public and private contracts, including the Spirit of Tasmania 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 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. Barrenjoey and Macquarie Capital advised the sellers. For legal advice, State Super used Ashurst, while Brookfield hired on White & Case.

Spirit Super was established in 2021 through the merger of Tasplan and MTAA Super.

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