SYDNEY, AAP – A Transurban joint venture is paying more than $11 billion for the NSW government’s 49 per cent stake in Sydney toll road WestConnex.
The infrastructure group on Monday revealed its Sydney Transport Partners joint venture will take full ownership of the 70km network of roads, tunnels and bridges.
Motorists are already paying to use WestConnex and more will follow once additional road links are completed. The final link, the M5 West, is due in 2026.
Transurban owns 50 per cent of Sydney Transport Partners.
The others involved in the joint venture are AustralianSuper, Canadian superannuation group Caisse de depot et placement du Quebec, Canada Pension Plan and Tawreed Investments.
AustralianSuper has one of the larger stakes and will own 20.5 per cent of WestConnex.
AustralianSuper infrastructure head Nik Kemp said investment returns from the toll road would benefit the retirement savings of 2.4 million customers.
Transurban will help fund the purchase by selling $4.22 billion in securities to existing security holders.
Transurban securities were paused from trading on the ASX. They last swapped on Friday for $14.18.