NQXT Acquired by APSEZ to Accelerate Ambitious Growth Plans

Deal News | Apr 20, 2025 | PR Newswire Cision Adani Ports and Special Economic Zone Limited

Adani Ports and Special Economic Zone Ltd. (APSEZ) has acquired North Queensland Export Terminal (NQXT) from Carmichael Rail and Port Singapore Holdings Pte Ltd for a valuation of 3.975 billion Australian dollars. The acquisition, approved by APSEZ's board, is a non-cash transaction that involves issuing 14.38 million ordinary shares to CRPSHPL and taking on additional assets and liabilities. NQXT, a high-performing and cash-generating asset located in Abbot Point, Queensland, Australia, will expand APSEZ's presence along the east-west trade corridor and help advance its goal of handling 1 billion tonnes per year by 2030. The terminal currently operates with a capacity of 50 MTPA, but has potential to increase to 120 MTPA. NQXT is strategically important for export markets, especially for potential green hydrogen exports and maintains a strong ESG record. Financial and legal advisors for the transaction include Cyril Amarchand Mangaldas, Ashurst, GT Valuation Advisors, Grant Thornton Bharat LLP, and SBI Capital Markets Limited. The deal requires approvals from Indian and Australian authorities and is anticipated to close within the next two quarters.

Sectors

  • Maritime and Port Operations
  • Infrastructure Investment and Development
  • Import/Export Logistics

Geography

  • India – APSEZ is based in India and is a major player in the Indian logistics and transportation industry.
  • Australia – NQXT is located in Queensland, Australia and plays a significant role in the Australian export industry.
  • Singapore – Carmichael Rail and Port Singapore Holdings Pte Ltd, the selling company, is based in Singapore.

Industry

  • Maritime and Port Operations – This industry involves services related to the operation of ports, including terminal operations and logistics, which are key components of the article.
  • Infrastructure Investment and Development – The acquisition of port facilities and the development plans of APSEZ are indicative of infrastructure investment and expansion.
  • Import/Export Logistics – The focus on the export terminal and the future capacity for handling large quantities of freight, including potential green hydrogen exports, highlights this industry.

Financials

  • 3,975 million AUD – Enterprise value of NQXT in the acquisition deal.
  • 228 million AUD – EBITDA of NQXT for fiscal year 2025.
  • 17x – EV/EBITDA multiple for NQXT based on projected 2025 EBITDA.
  • 14.38 million shares – Number of APSEZ shares issued to acquire NQXT.

Participants

NameRoleTypeDescription
Adani Ports and Special Economic Zone Ltd (APSEZ)Bidding CompanyCompanyAPSEZ is the largest integrated transport utility in India and the acquirer of NQXT.
North Queensland Export Terminal (NQXT)Target CompanyCompanyA high-capacity export terminal in Queensland, Australia, acquired by APSEZ.
Carmichael Rail and Port Singapore Holdings Pte Ltd (CRPSHPL)Selling CompanyCompanyA Singapore-based holding company selling NQXT to APSEZ.
Cyril Amarchand MangaldasLegal AdvisorCompanyLegal advisor to APSEZ.
AshurstInternational Legal AdvisorCompanyInternational legal advisor to APSEZ.
GT Valuation Advisors Private LimitedValuation AdvisorCompanyConducted valuation for the transaction.
Grant Thornton Bharat LLPFinancial AdvisorCompanyPerformed financial due diligence.
SBI Capital Markets LimitedIndependent ValuatorCompanyProvided independent valuation services.