Deal to buy GeelongPort completed

THE deal to buy GeelongPort has been done, with an American firm and an Australian firm finalising their acquisition of Victoria’s second-largest port.

United States investors Stonepeak and Australian industry super find Spirit Super revealed their intentions last November to buy the port from another investment consortium at a reported cost of more than $1 billion.

Late last month, the two firms confirmed the completion of the transaction, with Stonepeak to have a majority 70 per cent interest and Spirit Super holding the remaining 30 per cent.

GeelongPort manages more than $7 billion of trade and supports more than 1,800 jobs across the state.

Operating across 90 hectares of land and comprising 15 berths over two primary precincts – Corio Quay and Lascelles – GeelongPort provides land, infrastructure and services to facilitate trade for some of Victoria’s largest businesses.

It also provides easy access to logistics routes for trade through road, rail, air, and channel connections for Geelong and south-west Victorian supply chains.

The two firms said GeelongPort was a diversified landlord port that was “strategically positioned and critical to Victoria’s economy”.

“Closing this transaction marks another exciting milestone in the history of GeelongPort as it continues to serve its customers and the greater community of Victoria while playing an integral role in global trade,” Stonepeak senior managing director Darren Keogh said.