• Qube's wholly owned subsidiary AAT to acquire Melbourne's only dedicated roll-on, roll-off terminal MIRRAT
• ACCC approves acquisition under a Section 87B undertaking
• MIRRAT is a strategically important asset for the Victorian and national economy

Qube Holdings Limited has received approval from the Australian Competition and Consumer Commission (ACCC) to acquire the Melbourne International RoRo & Automotive Terminal (MIRRAT) through its wholly owned subsidiary, Australian Amalgamated Terminals Pty Ltd (AAT). MIRRAT is the only dedicated roll-on, roll-off terminal servicing the Victorian market and plays a vital role in the Victorian and national economy. The facility spans around 35 hectares, features three berths, a 120 tonne gantry crane, 8000 sqm of undercover storage and two quarantine wash bays. It also holds a 6 Star rating from the Green Building Council of Australia. The ACCC has accepted an undertaking pursuant to section 87B of the Competition and Consumer Act 2010 (Cth) that will apply to AAT's ownership and operation of MIRRAT. Qube Managing Director, Paul Digney, welcomed the ACCC's decision, stating that the sensible improvements in the new Undertaking reflect changes in both the market and the Terminal's operations over the past seven years and achieve a more contemporary framework for AAT and MIRRAT going forward. The total consideration for the acquisition is around A$332.5 million (plus stamp duty and other costs and subject to normal completion and working capital adjustments) which will be funded from Qube's available, undrawn debt facilities. The acquisition is expected to be earnings per share accretive in FY25 and meet Qube's ROACE hurdle over the medium term.

The acquisition is expected to be earnings per share accretive in FY25 and meet Qube's ROACE hurdle over the medium term.