By David Winning

SYDNEY--A Transurban Group-led consortium will take full control of the WestConnex toll road in Sydney after agreeing to a deal with the New South Wales state government worth 11.1 billion Australian dollars (US$8.1 billion).

The consortium, known as Sydney Transport Partners, was the successful bidder for the NSW government's 49% stake. The government began seeking a buyer for its remaining interest in November, having previously sold a 51% stake to Sydney Transport Partners in 2018 for A$9.26 billion.

NSW Treasurer Dominic Perrottet said the latest sale was structured in two tranches to maximize competition and achieve the best price.

"This transaction continues our successful asset recycling strategy, which has been the cornerstone of our record A$108.5 billion infrastructure pipeline that has built and upgraded schools, hospitals, road and rail across the state," Mr Perrottet said.

He said net proceeds from the sale will be invested in NSW state's sovereign wealth fund, before being used to retire an equivalent amount of debt.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

09-19-21 1837ET