A consortium led by toll road giant Transurban will take full control of Sydney’s WestConnex after winning the NSW government’s auction of its 49 per cent stake in the road, with a bid of more than $11 billion.
NSW Treasurer Dominic Perrottet said on Monday morning that the state had finalised the sale to Sydney Transport Partners (STP), consisting of Transurban, AustralianSuper, the Canada Pension Plan Investment Board and Abu Dhabi’s sovereign wealth fund.
Total sale proceeds for the state were $11.1 billion, Mr Perrottet said.
STP bought a 51 per cent stake in WestConnex in 2018 for $9.26 billion and will own 100 per cent of Australia’s largest toll road project after the NSW government put the remaining share up for sale in two 24.5 per cent tranches in November 2020.
“This transaction continues our successful asset recycling strategy, which has been the cornerstone of our record $108.5 billion infrastructure pipeline that has built and upgraded schools, hospitals, road and rail across the State,” Mr Perrottet said.
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