The owners of GeelongPort are believed to be close to selling the asset, with Tasmanian-based super fund Spirit Super said to be involved.
It comes after an earlier agreed deal for Palisade Investment Partners and Spirit Super to buy the port for $1.2bn was abandoned after the pair failed to gain support from the Australian Competition and Consumer Commission.
Palisade already owns 40 per cent of the Port of Portland in Victoria while Spirit Super is an investor in Flinders Port in South Australia.
Since January when the deal was agreed, interest rates have increased significantly so it will be interesting to see what price a deal is agreed at.
Working on the initial auction for the port were Barrenjoey and Macquarie Capital on behalf of owners Brookfield and State Super.
Igneo Infrastructure Partners, previously First Sentier, was the underbidder in the auction. It has been considered the most likely to make another bid so may partner with Spirit Super.
GeelongPort had $60m of earnings before interest, tax, depreciation and amortisation.
Spirit Super has about $25bn of funds under management.
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