Macquarie Asset Management has sealed its largest Australian infrastructure bet.

The investment giant, together with super fund UniSuper and Pontegadea (the family office of Zara founder Amancio Ortega), signed a scheme implementation deed to acquire all of Qube Holdings for $5.20 cash per share.

The deal values the logistics group at roughly $11.7bn.

It's the biggest M&A deal announced on the ASX since Blackstone's $24bn takeover of AirTrunk in 2024.

The scheme has been months in the making.

In November 2025, MAM lobbed an indicative bid at $5.20 a share — a 28% premium at the time to Qube's previous close. Qube then entered a process deed and opened its books.

After weeks of exclusive due diligence, including one extension, the two sides inked the SID in February 2026.

Under the structure, all Qube shareholders bar UniSuper will receive cash. UniSuper, Qube's largest shareholder at 15.07%, will roll its holding into the consortium's private vehicle, lifting its stake to 20% and securing a board seat.

Pontegadea will hold 15%, also with board representation. MAM's managed funds and co-investors, including Brighter Super and Mercer, will hold around 65%.

Qube's board has unanimously recommended that shareholders vote in favour. A scheme meeting is expected around June 2026, with completion slated for late in the year.

The deal is subject to FIRB and ACCC approvals, as well as approvals from New Zealand and PNG. The break fee sits at 1% equity value.

Qube is Australia's largest provider of integrated port and logistics infrastructure. It holds a 50% stake in Patrick Terminals, the country's leading container terminal operator, and runs the Moorebank Logistics Park in Sydney's west.

Its operations span more than 200 sites across Australia, New Zealand and South-East Asia, backed by a 10,000-strong workforce.

Allens advised Qube, led by partners Tom Story and Charles Ashton and managing associate Elise Blume, drawing on specialists across competition, projects, real estate and tax.

Gilbert + Tobin, led by partners Costas Condoleon and Wes Bainbridge, advised the bidder consortium.

MacCap acted buy side, while UBS for sell side.

Qube chairman John Bevan said the offer "reflects the strength of the business today and the strong growth prospects Qube enjoys as a leading logistics provider across Australia, New Zealand and the region."

MAM's Asia-Pacific co-head of infrastructure, Ani Satchcroft, said: "We look forward to partnering with our co-investors and working with Qube's world class management team, as the company enters its next phase."

Allens partner Tom Story added: "We're proud to be supporting our long-term client Qube on this significant Australian public M&A deal."

Source: ASX (SID announcement); Allens