According to sources, three consortia submitted indicative bids for Queensland Motorways:

• Australia's Hastings Funds Management, Kuwait Investment Authority, Spanish toll road operator Abertis Infraestructuras and Dutch pension fund Algemene Pensioen Groep (APG)

• Transurban Group, superannuation fund AustralianSuper and Abu Dhabi Investment Authority

• IFM Investors, Canada's Ontario Teachers' Pension Plan and Borealis Infrastructure.

Analysts have estimated Queensland Motorways could fetch about A$5 billion (US$4.5 billion). The sale would continue the push by Australian state governments to sell off large infrastructure assets to pay for capital works programs.The Queensland Investment Corporation (QIC) is a government owned corporation based in Brisbane and, with over $50 billion funds invested across the globe, is Australia's fourth largest funds manager. QIC holds the investment in QM on behalf of the state's Defined Benefit Fund, which funds superannuation obligations for retired workers.The state Government transferred QM to QIC in May 2011 for a market-value price of A$3.088 billion on an enterprise value basis. Since then the business has been substantially transformed, and has just reached contractual agreement to acquire Brisbane's Clem7 Tunnel for A$618 million, tolling rights for the city's A$1.5 billion Legacy Way tunnel and the A$308 million Go Between bridge.QIC appointed Macquarie Group and UBS as financial advisers for the potential sale of Queensland Motorways (QM).