Australian toll-road operator Transurban Group said on Thursday it would sell half of its stake in Transurban Chesapeake assets, including three express lanes and other projects in the Greater Washington Area, to three pension funds for $2.8 billion ($2.12 billion).
Under the deal, AustralianSuper will own 25% of the assets, while Canada Pension Plan Investment Board (CPP Investments) and UniSuper will hold stakes of 15% and 10%, respectively.
The deal also includes a potential earn-out of up to A$93 million in the years between 2024 and 2026.
“This transaction realises significant value for security holders while enabling accelerated growth in North America and Australia, where we see a number of opportunities starting to materialise,” Transurban Chief Executive Officer Scott Charlton said in a statement.
The transaction is expected to be completed by the end of 2021.
Source: Reuters.com