Through its subsidiaries, Qube (ASX:QUB)
entered into a binding agreement to acquire Newcastle Agri Terminal (NAT) for $90 million.
The Australian logistics company will talk with NAT's existing shareholders CBH, Viterra Australia, Riverina and CTC Terminals and fund the acquisition from its existing undrawn debt facilities.
The acquisition is aimed to provide Qube additional geographical diversity and service capability to enhance the company’s ability to provide reliable export logistics solutions.
Qube also noted that NAT’s export infrastructure delivers efficient and cost effective grain loading and rail discharge capabilities.
Qube managing director Paul Digney said, “the acquisition of NAT will further strengthen Qube Agri export bulk service offering to growers and traders the ability to now ship from Newcastle."
The NAT facility has around 60,000 tonnes of silo storage, modern rail receival infrastructure, road discharge facilities and the ability to load out up to 2,000 tonnes per hour.
Paul continued, “the addition of this quality asset to the Qube Agri capability will ensure customers in the Northern draw zone can benefit from an efficient export terminal.”
The transaction is expected to occur on Sep 30 this month, subject to relevant approvals.
Shares in Qube Holdings (ASX:QUB)
are trading 0.2 per cent lower at $3.26.