News: QUB Qube Holdings announces entitlement offer

March 15 (Reuters) - Qube Holdings Ltd (QUB) :

• Entitlement offer and placement (QUB)
• Will acquire the Patrick Container Terminals Business for $2.92 billion in a 50/50 joint venture acquisition
• Qube to undertake an $800 million equity raising to support funding for its acquisition
• Says "acquisition expected to be transformational for Qube with significant benefits anticipated"
• Qube also has the right to subsequently acquire asciano's 50% shareholding interest in aat from Brookfield infrastructure for $150 million
• Qube expects to be able to generate total synergies consistent with the range previously identified, including approximately $25-$40 million within the jv
• Brookfield Infrastructure will acquire its 50% interest together with its co-investors Buckland Investment Pte Ltd ,British Columbia Investment Management Corporation & Qatar Investment Authority
• $494 million fully underwritten 1 for 4.4 accelerated non-renounceable entitlement offer at $2.05 per share"
• as part of transaction, Qube will exit its existing Asciano shareholding at offer price, realising gross proceeds of around $569 million and cash profit of around $35 million
• $306 million placement to cppib to be undertaken at a price of $2.14 per share"
• Says proceeds from transaction will be applied towards reducing qube's existing debt
• Qube expects the transaction to achieve high single digit EPS accretion on a pro forma basis"