Macquarie Infrastructure and Real Assets (Europe) Limited is teaming up with Marubeni Corporation (TSE:8002) to acquire Newcastle Port Corporation. Sources added that Macquarie's infrastructure arm had been an active participant in local asset auctions over the past 12 months, including other toll roads and ports deals, and was preparing a Port of Newcastle bid alongside Marubeni. Hastings Funds Management Limited is also looking for a new partner after Mitsui & Co.

Ltd. (TSE:8031) backed out of the transaction.