Pacific National Pty Limited signed binding agreement to acquire Acacia Ridge Intermodal Terminal from Aurizon Holdings Limited (ASX:AZJ) for approximately AUD 210 million on August 14, 2017. In a related transaction, a consortium of Pacific National and Linfox agreed to acquire Queensland Intermodal Business from Aurizon Holdings Limited (ASX:AZJ) on August 14, 2017. The consideration for both transaction is approximately AUD 220 million. 30 employees along with assets, commercial and operational arrangement shall also transferred to Pacific National (NSW) Pty Ltd. If the Acacia Ridge transaction is not completed within six months, then Pacific National will pay Aurizon an additional AUD 5 million. The transaction is subject to approval of Australian Competition Commission and Foreign Investment & Review Board. As of August 17, 2017, Australian Competition Commission is investigating the acquisition and will publish detailed market inquiry letter in due course. As of March 15, 2018, Australian Competition Commission has raised concerns regarding the transaction and invites further submissions of statements till April 3, 2018. Australian Competition Commission final decision is expected to be announced on May 24, 2018. As on March 15, 2018, Aurizon Holdings Limited announced that it will make detailed submission to ACCC with respect to the raised concerns and will complete the transaction by July 2018. On July 19, 2018, ACCC rejected the transaction. As on May 15, 2019, Federal Court of Australia rejected allegations by the Australian Competition and Consumer Commission (ACCC) and approved the transaction. As of May 6, 2020, Federal Court dismissed an appeal by the Australian Competition and Consumer Commission and Aurizon Holdings Limited will continue with sell process. The transaction is still pending final approval by the Foreign Investment Review Board. Aurizon Holdings Limited already received AUD 35 million as a non-refundable payment, balance AUD 170 million will be paid on completion. As of June 26, 2020, Australian Competition and Consumer Commission (ACCC) sought special leave to the High Court to appeal the decision of the Full Federal Court. As on December 8, 2020, High Court rejected an application by the Australian Competition and Consumer Commission that sought leave to appeal a decision by the Full Federal Court on the sale of Aurizons Acacia Ridge Terminal. Following todays rejection by the High Court, Aurizon is now able to progress the $205 million sale of the terminal to Pacific National, pending final approval by the Foreign Investment Review Board. The transaction is expected to be completed by second half of FY2021. As of February 2, 2021, Foreign Investment Review Board approved the transaction. The transaction is expected to close on March 26, 2021.
Pacific National Pty Limited completed the acquisition of Acacia Ridge Intermodal Terminal from Aurizon Holdings Limited (ASX:AZJ) on March 26, 2021. All conditions has been satisfied and outstanding funds transferred to Aurizon.