Transurban Group (ASX:TCL), AustralianSuper Pty Ltd, Tawreed Investments Ltd. and Caisse de d?p?t et placement du Qu?bec executed an agreement to acquire remaining 49% stake in Sydney Motorway Corporation Pty Limited from NSW Government for AUD 11.1 billion on September 19, 2021. Caisse de d?p?t et placement du Qu?bec will contribute AUD 2.3 billion for 10% stake, Transurban will contribute AUD 5.56 billion for additional 24.5% stake and the remaining consideration will be paid by the other members of the consortium, AustralianSuper Pty Ltd for additional 10% stake and Tawreed Investments Ltd. for additional 4.5% stake. Transaction will be funded by the consortium with equity upfront, with no additional debt funding. Transurban?s contribution to the transaction, will be funded through a combination of new equity and existing corporate liquidity. Transurban Group will undertake a fully underwritten entitlement offer to raise AUD 3.97 billion and a placement of its shares to AustralianSuper Pty Ltd to raise AUD 250 million. Post the transaction, the consortium which also includes Canada Pension Plan Investment Board, together will hold 100% stake in Sydney Motorway Corporation, as follows, Transurban (50% stake), AustralianSuper (20.5% stake), Canada Pension Plan Investment (10.5% stake), Tawreed (9% stake) and Caisse de d?p?t et placement du Qu?bec (10% stake). ACCC and FIRB have confirmed that they have no opposition to the transaction. Transaction is subject to certain closing conditions including payment of the purchase price. Closing of the acquisition is expected in October 2021. The transaction is expected to be free cash per security accretive over the near, medium and long-term. Macquarie Capital (Australia) Limited acted as a financial advisor to Sydney Transport Partners which consists of Transurban Group (ASX:TCL), AustralianSuper Pty. Ltd., Tawreed Investments Ltd. and Caisse de d?p?t et placement du Qu?bec. Barrenjoey Capital Partners, Morgan Stanley and UBS worked on the deal for Transurban. As of October 29, 2021, Transurban?s contribution to the acquisition has been funded through a combination of existing corporate liquidity and new equity, and announces that it reached financial close on the acquisition of the remaining 49% equity stake in WestConnex from the NSW Government. Transurban successfully raised AUD 4.22 billion of equity with AUD 3.97 billion from an accelerated pro rata renounceable entitlement offer with retail entitlements trading, as well as AUD 250 million through a placement to STP consortium member AustralianSuper.
Citi Advised New South Wales Government.