Transurban Group (ASX: TCL)- TCL wins Sydney’ Westconnex bid

  • Aug 31, 2018 AEST
  • Team Kalkine
Transurban Group (ASX: TCL)- TCL wins Sydney’ Westconnex bid

Toll road giant Transurban group wins majority control of Sydney’s WestConnex as New South Wales government announced them as successful bidder to buy 33 km long WestConnex motorway for $9.26 billion.

Sydney Transport Partners consortium led by Transurban group bagged 51% equity stake in WestConnex from NSW after receiving clearance from the Australian Competition and Consumer Commission (ACCC) yesterday, i.e. 30 August 2018.         

With this win Transurban unlocks eight out of Sydney’s nine toll roads to its stable, which doubles Transurban’s lane Kilometers in Sydney. It connects west and southwest of Sydney along with the corridor to Sydney Airport and Port Botany.

The weight of $9.3 billion sales price is expected to be supported by Transurban’s $4.2 billion funds raising via fully underwritten entitlement offer and $600 million placement. However, FY19 distribution guidance was maintained at 59.0 cps.

Corresponding to the trading halt requested today, TCL has paused trading on ASX today, i.e. 31 August 2018. The last traded price was $12.060.

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