SYDNEY: The Foreign Investment Review Board (FIRB) approved Aurizon Holdings’ sale of the Acacia Ridge Terminal to Pacific National (PN).
The FIRB approval means the sale contract for the Terminal between Aurizon and PN becomes unconditional, with an expected close date of 26 March 2021.
The $205 million sale to PN includes a non-refundable payment of $35 million already received by Aurizon. The balance of $170 million is payable to Aurizon on transaction completion.
Tax payable on the sale is an estimated $40 million, resulting in net remaining proceeds of approximately $130 million.
In December 2020, the High Court rejected an application by the Australian Competition and Consumer Commission (ACCC) that sought leave to appeal a decision by the Full Federal Court allowing the sale to proceed.