SPIRIT Super and Stonepeak have completed their acquisition of GeelongPort.

Spirit Super, an Australian industry super fund and Stonepeak, a US investment firm, in November last year agreed to acquire 100% of the port company.

Under the terms of the agreement, Stonepeak, on behalf of its managed funds and accounts, holds a majority 70% interest in the port and Spirit Super has a 30% stake.

Spirit Super and Stonepeak said GeelongPort is strategically positioned and vital to Victoria’s economy as the region’s second-largest port.

They said the port manages more than $7 billion of trade and highlighted the access it provides to logistics routes.

“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.

“We believe GeelongPort has access to a meaningful set of opportunities for long-term growth, and we look forward to working with the GeelongPort team as we help them realise those opportunities while continuing to invest in existing objectives and supporting continued growth in the region.”

And Spirit Super chief investment officer Ross Barry said the super fund was “delighted” to complete the acquisition.

“Our investment in the port reflects Spirit Super’s strong commitment to investing in compelling opportunities across regional Australia,” Dr Barry said.

Spirit Super and Stonepeak announced plans to acquire the port shortly after another investment consortium had withdrawn from an acquisition deal.

That consortium comprised Spirit Super and private equity firm Palisade, who abandoned the acquisition after the Australian Competition and Consumer Commission found the acquisition would lessen competition in the supply of port services.