Carlyle-backed Australian transport group Qube Logistics has agreed to acquire DP World’s share in P&O Trans Australia (POTA) for A$106 million (€79 million; $111.6 million), according to a statement on the Australian Securities Exchange.
Qube chairman Chris Corrigan had previously expressed his intention to increase the company’s stake in POTA. DP World and Qube were the major shareholders in the landside logistics operator, which operates container parks, warehouses, as well as road and rail transportation to ports.
Last month, Carlyle Infrastructure Partners acquired 15 percent of Qube for A$116.5 million, and Qube said the deal gave the company A$175 million with which to pursue acquisitions. In addition to POTA, Corrigan has told Australian media outlets that he would consider a bid for transport logistics operator Asciano, which rebuffed a 2009 recapitalisation bid from Carlyle and Qube.
Last week, Qube also acquired Wilh. Wilhelsen Holdings’ interest in Qube’s stevedoring and automotive businesses.
The deal also marks DP World’s second recent sale of its Australian port and logistics assets. Late last year, DP World sold a majority stake in DP World Australia to Citi Infrastructure Investors and an unnamed partner for A$1.5 billion.
DP World, which is part of the state-backed conglomerate Dubai World, has operations in Africa, Asia, Latin America and the Middle East.
Qube was last trading down 2.8 percent at A$1.75.