US investment group Stonepeak said on Monday it would make its first Australian purchase by agreeing to buy GeelongPort, which sources said was worth A$1.1 billion ($732 million).
Stonepeak will partner with Australian industry superannuation Spirit Super for the deal which is expected to be approved by regulators in the first quarter of 2023.
The statement did not identify a sale price, but the transaction is worth about A$1.1 billion, according to two sources with direct knowledge of the matter.
The sources could not be named as the information was not yet made public.
Stonepeak declined to comment on the price of the deal.
Under the terms of the deal, Stonepeak will hold 70% of GeelongPort while Spirit Super, which has A$25 billion worth of funds under management, will hold the remaining 30%.
GeelongPort is the second largest port in Australia’s Victoria state and handles almost 12 million tonnes of cargo and more than 600 vessel visits each year, according to the statement.
It manages A$7 billion worth of trade a year, the statement said.