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Asciano agrees joint consortium bid

March 15 - Australian logistics provider Asciano has entered into binding documentation to sell the company to Brookfield Consortium and Qube Consortium.

The Brookfield Consortium comprises Brookfield Infrastructure Partners, GIC, British Columbia Investment Management Corporation and Qatar Investment Authority; while the Qube Consortium includes Qube Holdings, Canada Pension Plan Investment Board, Global Infrastructure Management and CIC Capital Corporation.

A new vehicle - BidCo - owned by a variety of the investors will acquire 100 percent of the issued capital of Asciano at AUD9.15 (USD6.82) a share.

The transaction will see Asciano sold in separate business units, with Qube acquiring 50 percent of Patrick's container terminal business as part of a joint venture with Brookfield and its co-investors. Brookfield and its partners will buy the company's Bulk & Automotive Port Services (BAPS).

The decision wraps up a nine-month bidding war, which has seen previous rivals Qube and Brookfield join forces to secure the deal.

The joint consortium transaction is subject to a number of conditions, including Asciano shareholder approval and the receipt of regulatory approvals.

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