Australia’s Qube Holdings announced on Monday that Macquarie Asset Management has submitted a non-binding proposal to acquire the logistics company at an enterprise value of AU$11.6 billion ($7.49 billion).

Macquarie’s offer values Qube at AU$5.20 per share in cash, a 28% premium over its Friday closing price of AU$4.07. Following the announcement, Qube shares jumped 19.4% to a record AU$4.86, while Macquarie Group shares slipped slightly, closing at AU$193.48.

The proposed acquisition comes after earlier negotiations and a lower unsolicited offer from Macquarie. The enterprise value represents approximately 14.4 times Qube’s FY2025 EBITDA. Qube operates container leasing, car and grain cargo terminals, and road and rail transport services.

The deal remains subject to due diligence, board approvals, and regulatory clearances. An exclusivity deed allows Macquarie to conduct due diligence until Feb. 1, 2026.

Macquarie Asset Management, managing nearly AU$960 billion globally, invests across infrastructure, real estate, and agriculture sectors.

Analysts remain positive: Citi Bank’s Samuel Seow reaffirmed a “buy” rating, with a target price of AU$4.90, while noting risks such as price competition and potential workforce disruptions.

The bid reflects heightened dealmaking in Australia’s logistics sector, including recent acquisitions by DP World, Lindsay Australia, and GJ Freight.

In related news, BHP Group has abandoned its AU$49 billion takeover attempt of Anglo American, reversing its pursuit of the British mining company.