Qube Holdings
Australian logistics and infrastructure group specializing in ports, freight transport, intermodal terminals, automotive logistics and bulk handling.
Last updated August 26, 2026
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Overview
Qube Holdings is an Australian logistics and infrastructure group whose activities span port operations, stevedoring, rail and road freight, intermodal terminals, automotive logistics, bulk handling and related infrastructure investments. The business developed from an infrastructure and logistics investment vehicle created after the 2006 takeover of Patrick Corporation by Toll Holdings. Chris Corrigan and other former Patrick executives worked with Kaplan Funds Management to identify logistics opportunities, leading to the listing of the KFM Diversified Infrastructure & Logistics Fund on the Australian Securities Exchange in January 2007. The group established an operating base in port and freight infrastructure through acquisitions from DP World. In April 2007 it acquired a 75 percent interest in P&O Automotive & General Stevedoring and a 50 percent interest in P&O Trans Australia. The investment fund was renamed Qube Logistics in June 2010, reflecting the shift from an investment structure toward an operating logistics business. Qube subsequently increased its interest in P&O Trans Australia to 95 percent in 2011 and acquired Independent Rail of Australia in 2012, strengthening its presence in rail freight and intermodal operations. Qube expanded beyond Australia in January 2015 through the acquisition of ISO Limited in New Zealand. In August 2016, during the break-up of Asciano, it acquired a 50 percent interest in Patrick Corporation. This gave Qube a significant position in Australian container terminal and stevedoring operations while complementing its inland transport and logistics network. Further expansion followed through the acquisitions of Chalmers Industries and LCR Group in 2019, Newcastle Agri Terminal in September 2021, and several transport, warehousing and agricultural logistics businesses in 2023. Operationally, Qube serves importers, exporters, manufacturers, retailers, agricultural customers, mining and industrial companies, shipping lines and automotive manufacturers. Its port and bulk businesses provide cargo handling, stevedoring, vehicle processing, terminal services and commodity logistics. Its logistics operations use road and rail networks across New South Wales, Victoria and South Australia, and include contract freight services such as the movement of BlueScope steel products from Port Kembla to Melbourne and Brisbane. Qube also owns and operates major intermodal assets, including the Moorebank Intermodal Terminal in Sydney and the Minto Intermodal Terminal. The company’s strategic-assets activities focus on developing and managing logistics infrastructure rather than only providing transport services. Assets and investments include intermodal terminals, grain and bulk-liquid facilities, port-related infrastructure and joint ventures. In May 2024 Qube agreed to acquire the Melbourne International RoRo & Automotive Terminal from Wallenius Wilhelmsen for A$333 million, subject to the transaction’s conditions. In February 2026, Qube’s board reportedly recommended acceptance of a takeover offer from Macquarie Asset Management, followed by the reported delisting of Qube from the Australian Securities Exchange in July 2026. Qube is therefore best understood as an infrastructure-oriented logistics platform with an emphasis on integrated supply chains, ports and specialized cargo handling rather than as a conventional parcel-delivery brand.
History
Qube Holdings emerged from the Australian logistics and infrastructure investment environment following Toll Holdings’ takeover of Patrick Corporation in 2006. Chris Corrigan and several former Patrick executives joined with Kaplan Funds Management to pursue logistics assets, leading to the formation and January 2007 ASX listing of the KFM Diversified Infrastructure & Logistics Fund. The fund’s first major operating step was the acquisition from DP World of a 75 percent interest in P&O Automotive & General Stevedoring and a 50 percent interest in P&O Trans Australia in April 2007. The fund gradually developed into an operating logistics group. It was renamed Qube Logistics in June 2010, and in April 2011 it increased its P&O Trans Australia stake to 95 percent. Qube acquired Independent Rail of Australia in 2012, adding rail operations and the assets associated with the Minto intermodal business. Its acquisition of ISO Limited in New Zealand in January 2015 extended the group’s geographical reach beyond Australia. A major structural milestone came in August 2016, when Qube acquired a 50 percent stake in Patrick Corporation during the break-up of Asciano. This transaction reinforced Qube’s role in Australian container terminals and port logistics and complemented its inland transport network. The group continued to build scale in specialist freight and industrial logistics, acquiring Chalmers Industries and LCR Group in 2019 and Newcastle Agri Terminal in September 2021. Qube’s later expansion emphasized agricultural, industrial, automotive and integrated supply-chain capabilities. In May 2023 it acquired Kalari Transport from Swire and purchased half of Pinnacle, a New Zealand-owned group. In November 2023 it acquired the remaining Pinnacle interest, together with Stevenson Logistics in North Fremantle and Agri Rail Terminal in Narrabri. In May 2024 it agreed to purchase Melbourne International RoRo & Automotive Terminal from Wallenius Wilhelmsen for A$333 million. The group’s operating portfolio includes port and stevedoring facilities, automotive terminals, road and rail freight, bulk terminals, warehouses and intermodal infrastructure. Its assets include Moorebank Intermodal Terminal in Sydney, Minto Intermodal Terminal, Quattro Grain Terminal, TQ Bulk Liquids Terminal and Newcastle Agri Terminal. Qube also holds a 50 percent joint-venture interest in Patrick Corporation and participates in other port and automotive logistics ventures. In February 2026, Qube’s board recommended a takeover offer from Macquarie Asset Management. The company was reported as delisted from the Australian Securities Exchange on 8 July 2026. The transaction marked a change from Qube’s period as a listed logistics-infrastructure platform to ownership under Macquarie Asset Management.
- 2026
Macquarie takeover and reported delisting
[1]The board recommended Macquarie Asset Management’s takeover offer, and Qube was reported as delisted from the ASX in July.
- 2024
Melbourne automotive terminal acquisition agreed
[1]Qube agreed to acquire Melbourne International RoRo & Automotive Terminal from Wallenius Wilhelmsen for A$333 million.
- 2021
Newcastle Agri Terminal acquired
[1]The transaction added agricultural bulk-handling infrastructure to Qube’s strategic-assets portfolio.
- 2016
Patrick Corporation stake acquired
[1]Qube purchased a 50 percent interest in Patrick Corporation during the Asciano break-up.
- 2012
Independent Rail of Australia acquired
[1]The acquisition expanded Qube’s rail freight and intermodal operations.
- 2010
Fund renamed Qube Logistics
[1]The investment fund adopted the Qube Logistics name as its operating logistics activities developed.
- 2007
Logistics infrastructure fund lists on the ASX
[1]The KFM Diversified Infrastructure & Logistics Fund, the predecessor to Qube Logistics, was listed on the Australian Securities Exchange.
- 2007
Initial port and automotive logistics acquisitions
[1]Qube acquired majority ownership of P&O Automotive & General Stevedoring and half of P&O Trans Australia from DP World.
Products and positioning
An integrated Australian logistics and infrastructure operator connecting ports, inland terminals, road and rail freight, automotive supply chains, and bulk commodity networks.
Ports and bulk
Port and stevedoring services
Qube provides cargo handling and stevedoring through port facilities and related subsidiaries across Australia. Its activities cover the movement of containers, vehicles, industrial cargo and bulk commodities between vessels, terminals and inland transport networks.
Specialized logistics
Automotive logistics
Qube’s automotive logistics operations include vehicle processing, terminal services and transport connected with imported and exported vehicles. The business includes P&O Automotive and General Stevedoring, Australian Amalgamated Terminals, PrixCar and other automotive-related facilities and ventures.
Freight transport
Road and rail freight
Qube operates road and rail freight services, including rail activities in New South Wales, Victoria and South Australia. Its contract logistics work includes the movement of BlueScope steel products from Port Kembla to Melbourne and Brisbane.
Logistics infrastructure
Intermodal terminals
Intermodal terminals connect port cargo with road and rail networks. Qube owns the Moorebank Intermodal Terminal in Sydney and the Minto Intermodal Terminal, supporting container transfer, storage and inland distribution.
Bulk handling
Bulk and agricultural logistics
Qube handles agricultural and industrial commodities through assets such as Newcastle Agri Terminal, Quattro Grain Terminal and TQ Bulk Liquids Terminal. The portfolio combines terminal handling, storage, rail and road distribution.
Brand decisions
2026
Recommend Macquarie Asset Management takeoverM&ABackground
Qube received a takeover offer from Macquarie Asset Management.
Action taken
The board recommended that shareholders accept the offer.
Aftermath
Qube was reported as delisted from the Australian Securities Exchange on 8 July 2026.
2024
Agree to acquire Melbourne International RoRo & Automotive TerminalM&ABackground
Qube sought to expand its automotive logistics and vehicle-terminal footprint in Melbourne.
Action taken
Qube entered an agreement to acquire the terminal from Wallenius Wilhelmsen for A$333 million.
Transaction value. A$333 million agreed acquisition price (May 2024)
2016
Acquire a 50 percent interest in Patrick CorporationM&ABackground
The transaction occurred during the break-up of Asciano and provided Qube with a major position in Australian port and container logistics.
Action taken
Qube acquired half of Patrick Corporation.
Aftermath
The investment strengthened Qube’s port-services platform and complemented its inland logistics operations.
Recent events
- 2026
Qube board recommends Macquarie Asset Management takeover[1]
M&A · Leadership change
Qube’s board recommended that shareholders accept a takeover offer from Macquarie Asset Management; the company was subsequently reported as delisted from the ASX.
- 2024
Qube agrees to acquire Melbourne automotive terminal[1]
M&A
Qube entered an agreement to acquire Melbourne International RoRo & Automotive Terminal from Wallenius Wilhelmsen for A$333 million.
- 2023
Qube expands through Kalari and Pinnacle transactions[1]
M&A
Qube acquired Kalari Transport and bought interests in Pinnacle, later acquiring the remaining Pinnacle interest along with Stevenson Logistics and Agri Rail Terminal.
- 2022
Qube begins BlueScope steel transport contract[1]
Other
Qube commenced a contract using its logistics network to move BlueScope products from Port Kembla to Melbourne and Brisbane.
- 2021
Qube acquires Newcastle Agri Terminal[1]
M&A
The acquisition strengthened Qube’s agricultural bulk-handling infrastructure.
- 2019
Qube acquires Chalmers Industries and LCR Group[1]
M&A
The acquisitions broadened Qube’s transport and logistics operations.
- 2016
Qube acquires a 50 percent interest in Patrick Corporation[1]
M&A
Qube acquired half of Patrick Corporation as part of the restructuring and break-up of Asciano.
- 2015
Qube acquires ISO Limited in New Zealand[1]
M&A
The purchase marked a significant extension of Qube’s logistics operations into New Zealand.
- 2012
Qube acquires Independent Rail of Australia[1]
M&A
The acquisition expanded Qube’s rail freight and intermodal capabilities.
- 2011
Qube expands its ownership of P&O Trans Australia[1]
M&A
Qube exercised an option to increase its ownership of P&O Trans Australia to 95 percent.
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