Adani: APSEZ Acquires NQXT, Aiming for 1 Billion Tonnes Annually by 2030
Deal News | Apr 18, 2025 | PR Newswire Cision Adani Ports and Special Economic Zone Limited
Adani Ports and Special Economic Zone Ltd. (APSEZ) has completed the acquisition of Abbot Point Port Holdings Pte Ltd (APPH), which owns the North Queensland Export Terminal (NQXT) in Australia, from Carmichael Rail and Port Singapore Holdings Pte Ltd. NQXT is a vital export terminal with a capacity of 50 million tonnes per annum, located in one of Queensland's strategic ports. The acquisition aligns with APSEZ’s global expansion plans, enhancing its presence along the East-West trade corridor and fast-tracking its goal to handle 1 billion tonnes annually by 2030. The deal is valued on a non-cash basis, with APSEZ issuing equity shares to the seller, resulting in increased promoter group holding. NQXT, with its robust growth trajectory, will support the potential for green hydrogen exports and bring an impressive ESG record. The transaction will require regulatory approvals and is expected to conclude within two quarters.
Sectors
- Ports and Logistics
- Energy and Resources
Geography
- Australia – The location of the North Queensland Export Terminal and a key geographic focus of the acquisition.
- India – Home of Adani Ports and Special Economic Zone Ltd., highlighting its expansion from its Indian roots.
Industry
- Ports and Logistics – Related to the operations and management of port facilities and logistics services, significant due to APSEZ's activities and acquisition focus.
- Energy and Resources – NQXT's services are crucial for the export of Queensland's resources, including coal and future green hydrogen, relevant for the transaction.
Financials
- A$ 3,975 million – Enterprise value of NQXT.
- A$ 228 million – Projected EBITDA of NQXT for FY25.
- 17x – EV/EBITDA multiple of the transaction.
- 14.38 crore shares – Equity shares issued in the non-cash transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Adani Ports and Special Economic Zone Ltd. (APSEZ) | Acquirer | Company | India's largest integrated transport utility company, part of the Adani Group. |
| Abbot Point Port Holdings Pte Ltd (APPH) | Target Company | Company | Entity owning and operating the North Queensland Export Terminal. |
| Carmichael Rail and Port Singapore Holdings Pte Ltd (CRPSHPL) | Vendor | Company | Owned APPH, sold it to APSEZ. |
| Cyril Amarchand Mangaldas | Legal Advisor | Company | Provided legal counsel for APSEZ. |
| Ashurst | International Legal Advisor | Company | Provided international legal counsel for APSEZ. |
| GT Valuation Advisors Private Limited | Registered Valuer | Company | Conducted valuation. |
| Grant Thornton Bharat LLP | Financial Review | Company | Conducted a desktop financial review. |
| SBI Capital Markets Limited | Independent Valuer | Company | Acted as an independent valuer for regulatory compliances. |