Stonepeak, a US alternative investment firm, and Spirit Super, an Australian industry super fund, have agreed to acquire Victoria’s second largest port GeelongPort, in a joint transaction valued at approximately AUD 1.1 billion ($728.2 million).

As per the terms of the transaction, Stonepeak will acquire a majority 70% stake in GeelongPort, and Spirit Super will hold a 30% interest.

GeelongPort generates more than AUD 7 billion ($4.63 billion) of trade and employs over 1,800 people across the Australian State.

The diversified landlord port handles nearly 12 million tonnes of cargo and over 600 vessel visits per annum.

Situated roughly 75 kilometers southwest of Melbourne, GeelongPort offers road, rail, air, and channel networks for Geelong and south-west Victoria supply chains.

Darren Keogh — Stonepeak Senior Managing Director said: “As a high-quality landlord port with operations that are critical to Australia’s economy, GeelongPort is a natural fit for Stonepeak’s core infrastructure strategy.

“We look forward to working closely with the GeelongPort team to help further their objectives and invest behind this integral component of the Victorian economy.”

GeelongPort with 15 berths over two main precincts, Corio Quay and Lascelles Wharf, offers infrastructure, land, and services to Victoria’s largest businesses.

Ross Barry — Spirit Super Chief Investment Officer said: “We are excited for what our investment will mean for the long-term growth of GeelongPort and pleased that members will now own a direct stake in one of Australia’s largest regional infrastructure assets.”

Gresham Partners served as financial advisor for the consortium while the legal advisor and tax advisor are King & Wood Mallesons and Clayton Utz, respectively.

Likely to close by the end of Q1 2023, the deal is subject to customary regulatory approvals.

Stonepeak has approximately $51.7 billion of assets under management while Spirit Super holds $25 billion in funds under management.

  Australia, Darren Keogh, Geelong, GeelongPort, Ross Barry, Spirit Super, Stonepeak, Victoria