Qube Holdings has reportedly withdrawn from the race to acquire Pacific National after sources indicated it was unable to submit a consortium bid. The logistics firm had been negotiating a potential purchase alongside Sev.en Global Investments, with the latter expected to assume control of the coal haulage segment of Pacific National’s operations.
The planned joint offer was reportedly disallowed on the grounds that consortium bids were not accepted in the sale process. This development places the Matt Latimore-led coal company M Resources in a leading position to acquire the coal haulage business. Sev.en, a Czechia-based family office specializing in commodity-linked industrial investments, may continue to pursue other coal-related assets within Pacific National.
Pacific National, Australia’s largest private rail freight operator, was put on the market by its owners via advisers Barrenjoey and JPMorgan. The company manages extensive operations across bulk handling, coal, intermodal, and steel sectors, operating bulk handling terminals, maintenance facilities, and crew depots. Its fleet and infrastructure portfolio includes a $1.2 billion property base comprising terminals and related assets.
The company holds the dominant position in coal freight on the New South Wales network, ranks second in Queensland, and leads east coast grain and waste rail operations. The coal haulage segment represents a mix of thermal and metallurgical coal transportation and remains a significant earnings driver, despite concerns from climate-conscious investors.
Pacific National reported earnings before interest, tax, depreciation, and amortization (EBITDA) of approximately $600 million for the 2026 financial year, up from $579 million the previous year. Projections for fiscal 2027 estimate EBITDA growth to around $650 million.
Ownership changes have been ongoing, with initial plans for US-based Global Infrastructure Partners (GIP) to sell its 27 percent stake. Other shareholders including CPP Investments, China Investment Corporation, and British Columbia Investment Management have indicated openness to selling down their holdings depending on prevailing market conditions.
The company carries significant debt, with borrowings exceeding $3 billion last year through a combination of bank loans, US bonds, and subordinated notes. Despite a $44 million net loss in 2025, driven in part by $189 million in finance costs, Pacific National maintains a stable credit rating with S&P assigning a BBB-minus rating.