Sydney Transport Partners selected to acquire 49% stake in WestConnex
The Government of New South Wales has selected the Sydney Transport Partners as a winning bidder for its remaining 49% stake in the WestConnex toll road in Sydney, Australia. The transaction is worth AUD11.1 billion (US$8.04 billion).
Sydney Transport Partners is led by Transurban along with Canada Pension Plan Investment Board, Abu Dhabi Investment Authority and AustralianSuper pension fund. The other 51% stake in WestConnex was sold to the same consortium in 2018 for AUD9.26 billion (US$6.7 billion).
WestConnex is a toll road project, which is expected to be completed by 2023. The road will be a 33-kilometer traffic-light free motorway network linking Sydney’s west to Sydney CBD, Sydney Airport and Port Botany. The sale of the 49% stake is part of the state government’s asset recycling strategy, focused on funding its AUD108.5 billion (US$78.58 billion) infrastructure pipeline.
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