UPDATE 3-Abertis preferred for biggest U.S. toll road deal

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MADRID/NEW YORK, May 19 (Reuters) - A consortium led by Spanish infrastructure company Abertis (ABE.MC: Quote, Profile, Research, Stock Buzz) was named preferred bidder on Monday in the largest U.S. toll road deal ever after offering $12.8 billion to lease the Pennsylvania Turnpike.

Pennsylvania Gov. Ed Rendell said Citigroup (C.N: Quote, Profile, Research, Stock Buzz) was also part of the group, which had pledged total investment on the road of $14.5 billion over the 75-year lifetime of the contract. However, the state legislature, which rejected previous privatization plans, still must approve this deal.

In a statement, Abertis -- which also runs airports and has a telecommunications unit -- said the contract would make it the largest infrastructure operator in the world with assets in the United States, France, the UK, Latin America and its home Spain.

It would help it further diversify beyond Spain and "facilitate the expansion of other business units in the largest market in the world," Abertis said in a statement.

Abertis controls half the project, while Citigroup has a 41.67 percent stake, and Spain's Criteria (CRIT.MC: Quote, Profile, Research, Stock Buzz), which groups the industrial holdings of publicly owned bank La Caixa, will also take a 8.33 percent stake.

The deal -- which comes amid a global credit crisis -- would be 41.4 percent funded with equity and 58.6 percent through bank debt, Abertis said.

The Pennsylvania Turnpike network totals 801 km (497 mile) of roads, linking Philadelphia, Scranton, Harrisburg and Pittsburgh.

The Turnpike's annual turnover was $607 million last year and Abertis forecasts it will grow to $780 million in 2009 with EBITDA (earnings before interest, tax, depreciation and amortisation) of $570 million, equivalent to a margin of 73 percent.