US-based investing firm Stonepeak and Australian fund Spirit Super announced the signing of a definitive agreement to buy 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 transaction is expected to close towards the end of the first quarter of 2023, subject to customary regulatory approvals.
The consortium was advised by Gresham Partners acting as a financial advisor, King & Wood Mallesons as legal advisor, and Clayton Utz as a tax advisor.
“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,” commented Ross Barry, chief investment officer at Spirit Super.
He added, “As the fund for hard working Australians, a key investment focus for the fund has been regional Australia, where we believe there is strong potential for long-term growth.”
