Transurban bags FIRB approval for Westconnex acquisition

  • Sep 03, 2018 AEST
  • Team Kalkine
Transurban bags FIRB approval for Westconnex acquisition

After successfully winning the acquisition bid, Transurban Group (ASX: TCL) has bagged Foreign Investment Review Board (FIRB) approval to acquire 51% stakes in Sydney’s Westconnex motorway from the Government of New South Wales. It has been announced that the Australian Government has no objection to the Westconnex’s acquisition by Sydney Transport Partners consortium. 

As announced on 31 August 2018, the company is set to raise $4.2 million through an entitlement offer to fund Transurban’s equity contribution for the Westconnex acquisition. Subsequently, the company has today issued the terms and condition for the offer according to which eligible institutional security holders and eligible retail security holders can subscribe for 10 new securities for every 57 existing Transurban stapled securities at an offer price of $10.80 per new security. Record date of an entitlement offer is set to 5 September 2018.

The financial close of the acquisition is expected in late September 2018.

The stock of Transurban Group continues to remain in trading halt as on 3 September 2018.

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