Stonepeak, a leading alternative investment firm and Spirit Super, an Australian industry super fund have entered into agreements to acquire 100% of Australia’s GeelongPort Pty Limited.

GeelongPort is Victoria’s second largest port located approximately 75 km southwest of Melbourne within Victoria’s largest regional city, Geelong. As a part of the transaction, Stonepeak, on behalf of its managed funds and accounts, will hold a majority 70% interest in the entity and Spirit Super will have a 30% stake.

The Consortium was advised by Gresham Partners acting as financial advisor, King & Wood Mallesons as legal advisor and Clayton Utz as tax advisor. The transaction is expected to close towards the end of Q1 of 2023, subject to customary regulatory approvals.