April 24, 2014 / 12:25 AM / in 4 years

RPT-Transurban agrees A$7.1 bln deal for Queensland Motorways

(Repeats to additional subscribers)

By Colin Packham

SYDNEY, April 24 (Reuters) - A Transurban-led consortium has agreed a A$7.057 billion ($6.55 billion) takeover of Queensland Motorways Ltd, Australia’s biggest toll road owner said on Wednesday.

Transurban, superannuation fund conglomerate AustralianSuper and the state-run Abu Dhabi Investment Co, beat-out two rival international bidders to secure the Queensland assets, the first foray by Transurban into Australia’s third most populous state.

“Clearly this is a portfolio of attractive assets with all the characteristics of our existing networks in Sydney and Melbourne, and the attractive demographics of the Queensland market,” said Transurban Chief Executive Officer Scott Charlton in a statement.

The Australian Competition and Consumer Commission earlier this month gave the green-light to the Transurban-led consortium’s purchase. ($1 = 1.0766 Australian Dollars) (Reporting by Colin Packham)

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