Australia's Transurban to buy Canadian toll road, bridge for $650 million

(Reuters) - Australian toll road developer Transurban Group said on Friday it will buy the A25 toll road and bridge in Canada from Macquarie Infrastructure Partners for C$840 million ($650 million), plus transaction costs of C$18 million.

Operational since May 2011, the road connects northern Montreal to commercial and residential areas.

Chief Executive Scott Charlton said the acquisition was in line with Transurban’s strategy of focusing on heavily congested urban areas with strong demographics.

“Montreal is an attractive second market for Transurban in North America as a developed economy with a growing population.”

The Melbourne-based company aims to complete the transaction by the fourth quarter of fiscal 2018, pending regulatory approvals.

($1 = 1.2931 Canadian dollars)

Reporting by Aditya Soni in Bengaluru; Editing by Kevin Liffey and John Stonestreet