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Canada/Australia: Brookfield and Qube team up on $6.7 billion Asciano bid

By  |  March 15, 2016

Canada’s Brookfield Infrastructure Partners LP has teamed up with Australia’s Qube Holdings Ltd. and several global funds to acquire rail-and-port operator Asciano in a deal valued at US$6.7 billion, putting an end to a long bidding war.

Asciano chief executive John Mullen has backed a binding $9.05 billion joint takeover agreement from persistent suitors Qube and Brookfield Infrastructure, claiming it will strengthen Australia’s rail and ports infrastructure.

Asciano’s board on Tuesday recommended a formal takeover bid worth $9.28 per share from Qube, Canada’s Brookfield and six international investment funds, bringing to an end a nine-month takeover battle for the company.

The parties have signed a binding agreement, under which Asciano will be broken up between the consortium parties.

Full content: The Wall Street Journal

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