2209 GMT - Ord Minnett appears relieved by Qube's new counterpart in the entity that owns the Patrick container terminals business. Brookfield is selling its 50% equity interest to another fund that it controls and some existing investors. "We believe that the retention of Patrick within infrastructure ownership, as opposed to global shipping/terminal players, is a positive outcome from a market positioning standpoint," analyst Ian Munro says. The transaction is at a modest premium to Patrick's enterprise value of A$6.6 billion that Qube disclosed alongside its 1H result. Ord Minnett estimates the deal to be at a A$300 million premium to its prior sum-of-the-parts valuation. It retains an accumulate call on Qube. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
May 04, 2025 18:09 ET (22:09 GMT)
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