Stonepeak, an infrastructure and real assets investment firm, and Spirit Super, an Australian industry super fund, confirmed the successful completion of the acquisition of Australia’s GeelongPort Pty Limited.
According to the terms of the agreement, Stonepeak will be the majority owner of GeelongPort with 70% and Spirit Super will hold the remaining 30%.
As the region’s second largest port, GeelongPort is a diverse landlord port that is considered very important to Victoria’s economy.
“Closing this transaction marks another exciting milestone in the history of GeelongPort as it continues to serve its customers and the greater community of Victoria while playing an integral role in global trade,” stated Darren Keogh, senior managing director at Stonepeak.
The port, which is located in Geelong, about 75 kilometres southwest of Melbourne, handles over US$7 billion in trade and supports over 1,800 employees across the state. It also gives access to trade logistics channels via vital road, rail, air, and channel linkages for the supply chains of Geelong and southwest Victoria.
