In 2006, the global assets of P&O Steam Navigation company, including P&O Ports, were acquired from DP World and subsequently in early May 2007, a consortium led by Kaplan Equity Limited, a private equity fund managed by Kaplan Funds Management acquired both the automotive and general stevedoring operations and the landside logistics and marine container transport operations from DP World and launched the two businesses P&O Automotive and General Stevedoring and P&O Trans Australia (POTA) with DP World retaining a shareholding in both companies.

In November 2009, the Kaplan consortium acquired the 25% shareholding from DP World and the P&O Automotive and General Stevedoring business rebranded to become known as POAGS. The POAGS company continued to be owned by a consortium of significant shareholders composed of international shipping companies and investors that included the $AUD 200 million ASX listed Managed Investment Scheme, called KFM Diversified Infrastructure and Logistics Fund (‘KIL’).

In late August 2011, the listed investment scheme, Qube Logistics (previously KFM Diversified Infrastructure and Logistics Fund ‘KIL’) completed a corporatisation of the held logistics assets and formed Qube Holdings Limited (ASX: QUB) (Qube). Qube was admitted to the official list of ASX Limited on 22 August 2011.

In March 2012, POAGS rebranded to Qube Ports and Bulk and POTA changed its name to Qube Logistics to represent the wider Qube group of companies.