Transurban : reaches financial close on Chesapeake partnership
April 01, 2021 at 04:08 am EDT
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asx release
1 April 2021
TRANSURBAN REACHES FINANCIAL CLOSE ON CHESAPEAKE PARTNERSHIP
Transurban announces that it has reached financial close on the sale of a 50% interest in its Transurban Chesapeake assets to AustralianSuper, Canada Pension Plan Investment Board (CPP Investments) and UniSuper for gross sale proceeds of USD2.1 billion, plus a potential earn-out between FY24 and FY26 of up to USD70 million1.
Transurban Chesapeake comprises Transurban's Greater Washington Area operational assets which include the 495 Express Lanes, 95 Express Lanes and 395 Express Lanes, as well as three projects in delivery and development (the Fredericksburg Extension, 495 Express Lanes Northern Extension and the Commonwealth of Virginia's commitments under the Capital Beltway Accord)2.
Transurban Chief Executive Officer, Scott Charlton, said the North American business was positioned for its next stage of growth.
"This transaction leaves Transurban well-capitalised to participate in the pipeline of opportunities which are materialising in our core markets and we look forward to working with AustalianSuper, CPP Investments and UniSuper on accelerating that growth in the Greater Washington Area."
Investor enquiries
Media enquiries
Tess Palmer
Sarah Chapman
Head of Investor Relations
Manager, Media, Government and Industry
+61 458 231 983
+61 400 841 898
This announcement is authorised by Transurban CEO, Scott Charlton.
Gross sale proceeds of USD2.1 billion excludes Transurban's transaction costs, typical completion adjustments and estimated tax on sale of USD0.2 billion. Theearn-out mechanism will be based on a cumulative revenue target trigger and subject to the achievement of minimum EBITDA thresholds. Upon meeting those triggers, an earn-out up to the earn-out cap will be paid between FY24 and FY26.
See Transurban ASX announcement 'Transurban Chesapeake Partnership Announcement and Traffic Update' dated
December 2020 for further information.
Classification
Transurban Group
Transurban International Limited
ABN 90 121 746 825
Transurban Holdings Limited
ABN 86 098 143 429
Level 31
Transurban Holding Trust
Tower Five, Collins Square
ABN 30 169 362 255
727 Collins Street
ARSN 098 807 419
Docklands
Victoria 3008 Australia
corporate@transurban.com
Telephone +613 8656 8900
www.transurban.com
Facsimile +613 8656 8585
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Transurban Group Ltd. published this content on 01 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2021 08:07:04 UTC.
Transurban Group is an Australia-based toll-road operator. Its principal activities include development, operation and maintenance of toll roads in Sydney, Melbourne and Brisbane, in Australia, and Montreal in North America, as well as investments in toll roads in Sydney in Australia and the Greater Washington Area in North America. Its roads and projects in Melbourne include CityLink and the West Gate Tunnel Project. Its roads and projects in Sydney include Cross City Tunnel, Eastern Distributor, Hills M2, Lane Cove Tunnel, M5 East, M5 South-West and others. Its roads and projects of Brisbane consist of AirportlinkM7, Clem7, Gateway Motorway, Go Between Bridge and others. Its roads and projects of North America include 95 Express Lanes, 395 Express Lanes, Fredericksburg Extension, 495 Express Lanes Northern Extension, Capital Beltway Accord Project and others. The West Gate Tunnel is an approximately 17-kilometer road connecting Melbourneâs west with the central city.
TRANSURBAN GROUP 
