HAMILTON, Bermuda—A consortium led by Brookfield Infrastructure Partners has agreed to acquire Australian rail and port logistics company Asciano Ltd. for approximately US$8.8 billion. BIP itself will invest US$2.8 billion for a stake of approximately 55%; the company says the deal creates a new global rail, port and logistics business.

“Combining Asciano's Australian container terminals with our existing assets in North America and Europe provides the foundation for a global container platform,” says BIP CEO Sam Pollock. “In addition, Asciano's leading above-rail operations, together with our Australian and Brazilian logistics businesses, create a powerful, international rail logistics business.”

During a conference call Tuesday, Asciano CEO John Mullen called the union with BIP “an extremely strong marriage,” since BIP is “a global organization in the businesses that we operate. And they have a very low cost of capital.” The merger is expected to close by year's end, subject to regulatory approvals.

Born out a group of companies including Pacific National, National Rail, Patrick Corp.and Strang Stevedoring, Asciano's business would represent BIP's largest takeover to date. Bloomberg Business reports that the deal comes at a time when foreign investors have been buying up Australian transportation assets amid a decline in the local currency and government plans for spending on infrastructure. Japan Post Holdings Co. agreed to purchase logistics operator Toll Holdings Ltd. in February for A$6.5 billion, or approximately US$4.76 billion, while Newcastle Port traded in 2014 to a consortium including China Merchants Group for A$1.75 billion, or about US$1.28 billion.