Arab Today, arab today brookfield buys australia freight firm asciano for 66bn
Last Updated : GMT 14:41:18
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Brookfield buys Australia freight firm Asciano for $6.6bn

Arab Today, arab today

Arab Today, arab today Brookfield buys Australia freight firm Asciano for $6.6bn

Canada's Brookfield Infrastructure Partners
Ottawa - AFP

Canada's Brookfield Infrastructure Partners announced a deal Monday to buy Australian ports and rail operator Asciano for US$6.6 billion in cash and stock.

The transaction is the Canadian asset manager's largest takeover, adding Asciano's Australian container terminals with Brookfield's hubs in North America and Europe.

Asciano's rail operations also pair well with Brookfield's Australian and Brazilian logistics businesses, according to Brookfield chief executive officer Sam Pollock.

Brookfield itself is investing approximately $2.8 billion to buy Asciano. Its institutional partners are putting up the rest.

According to a statement, each Asciano shareholder will receive Aus$6.94 in cash and 0.0387 Brookfield units, for a total value of Aus$9.15 per share.

This represents a 39 percent premium over Asciano's share price on July 1, the day it disclosed talks with Brookfield.

The deal, which has the unanimous support of Asciano's board, comes amid a flurry of takeovers in Australia's transport sector amid a decline in the country's currency.

Japan Post Holdings recently purchased logistics firm Toll Holdings after a consortium led by China Merchants Group acquired Newcastle Port last year.

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