Stonepeak and Spirit Super closes acquisition of Australian port GeelongPort

• GeelongPort manages over A$7 billion of trade
• Based in New York, Stonepeak has approximately $55.7 billion of assets under management
• Stonepeak’s targeted sectors include communications, energy and energy transition, transport and logistics, and social infrastructure

Stonepeak and Spirit Super have completed its previously announced buyout of GeelongPort, an Australian port. No financial terms were disclosed.

According to terms of the deal, Stonepeak has a majority 70 percent stake in GeelongPort and Spirit Super has a minority 30 percent stake.

GeelongPort manages over A$7 billion of trade.

“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,” said Darren Keogh, senior managing director at Stonepeak, in a statement. “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 realize those opportunities while continuing to invest in existing objectives and supporting continued growth in the region.”

Based in New York, Stonepeak has approximately $55.7 billion of assets under management. Stonepeak’s targeted sectors include communications, energy and energy transition, transport and logistics, and social infrastructure.

Spirit Super was established in 2021 through the merger of Tasplan and MTAA Super. It is an industry “super” fund for “hard-working Australians.”