PORT of Auckland Limited (POAL) has sold its Nexus Logistics subsidiary to ASX-listed supply chain operator Qube Holdings to focus on its core operations in Auckland.
The takeover came as the Board of Qube announced last week it had entered a Process Deed with Macquarie Asset Management (MAM).
Port of Auckland chief executive Roger Gray said the sale, announced on Monday, had occurred at the right time for both businesses to enable stronger momentum and commercial results.
“With Qube taking ownership, their capability, reach and scale will help propel Nexus to the next level,” he said.
“To ensure continuity and long-term value for our stakeholders, the port have agreed a long-term strategic partnership with Nexus under Qube’s ownership as part of the sale.”
The terms of sale included the Nexus business, brand, the operating plant and equipment.
The port will retain ownership of the site at Wiri, which will be leased back to Nexus Logistics on a long-term lease.
Qube’s director of logistics and infrastructure, John Digney, said the acquisition would support the company’s container logistics offerings at the South Auckland Freight Hub.
"We’re delighted to welcome the Nexus team to Qube and look forward to working with them and the Port of Auckland to continue delivering excellent customer service,” he said.
“Since acquiring ISO Limited in 2017, and with the acquisition of the Pinnacle Group, including Metrobox and the Specialised Group of Companies in 2023, Qube has established itself as a proudly trans-Tasman business, employing more than 1500 people across New Zealand.”
The deal is expected to be closed on 1 December, followed by the separation of Nexus Logistics from the Port of Auckland.
Following the completed separation, Darcy Hart of Nexus will remain as chief executive alongside his lead team to provide continuity to employees and customers.
Nexus Logistics provides fully integrated container logistics solutions across New Zealand, including container transport and handling via rail and road, container storage, wharf cartage, and port operations.