Sunday, December 4

Stonepeak makes first Australian deal with $732 million port purchase

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SYDNEY — US investment group Stonepeak said on Monday it would make its first Australian purchase by agreeing to buy GeelongPort which sources said was worth A$1.1 billion ($732 million).

Stonepeak will partner with Australian industry superannuation Spirit Super for the deal which is expected to be approved by regulators in the first quarter of 2023.

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The statement did not identify a sale price, but the transaction is worth about A$1.1 billion, according to two sources with direct knowledge of the matter.

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The sources could not be named as the information was not yet made public.

Stonepeak declined to comment on the price of the deal.

Under the terms of the deal, Stonepeak will hold 70% of GeelongPort while Spirit Super, which has A$25 billion worth of funds under management, will hold the remaining 30%.

GeelongPort is the second largest port in Australia’s Victoria state and handles almost 12 million tons of cargo and more than 600 vessel visits each year, according to the statement.

It manages A$7 billion worth of trade a year, the statement said.

Stonepeak is headquartered in New York and has $51.7 billion in assets under management, according to its website.

GeelongPort is being sold by Brookfield Asset Management and State Super.

It had earlier agreed to sell the port to Spirit Super and Palisade but the deal collapsed in August, after the buyers were not able to receive approval from competition regulators in time to meet the deal’s deadline, local media reported at the time. ($1 = 1.5026 Australian dollars) (Reporting by Scott Murdoch in Sydney; Eiting by Lincoln Feast.)

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