It’s back to the drawing board for Port of Geelong owners Brookfield and State Super, after their $1.2 billion deal to sell the port collapsed.
It is understood the buyer, a syndicate headed by Australian infrastructure investor Palisade Investment Partners, has been forced to walk away from the transaction after a prolonged review by the competition regulator.Sources said the transaction had an end of August drop dead date, and it was clear to all involved that they would not be able to reach financial close in the next five days given the ACCC’s continuing investigation.
The key issue appears to have been Palisade’s ownership of the Port of Portland, located 290km away from the Port of Geelong by road. The ACCC didn’t block the transaction, but its investigation was prolonged and wasn’t expected to conclude anytime soon.Brookfield and State Super, joint shareholders in the port’s holding company GeelongPort, are expected to consider their options. The pair continue to own and run the port, and signed the deal with Palisade and Spirit SuperThe deal was worth $1.
The ACCC was looking at Palisade’s ownership of the Port of Portland, a diversified bulk commodity seaport in south-west Victoria and 290km away from Port of Geelong by road. Port of Portland handles about 20 per cent of the state’s bulk freight including things like grain, mineral sands, fertiliser and forestry products.
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