Melbourne’s EastLink Owner Kicks Off $1.7 Billion Stake Sale

The owner of Australia’s second-busiest toll road has kicked off the sale of a majority stake in what could be one of the country’s biggest deals this year.

Horizon Roads Pty Ltd. is offering as much as 55.45% of ConnectEast Group, which holds a concession to operate the the 39-kilometer (24.2 miles) EastLink toll road in southeast Melbourne until 2043, according to a document seen by Bloomberg News.

The seller is seeking to raise about A$2 billion to A$2.5 billion ($1.3 billion to $1.7 billion) in the stake sale, according to a person familiar with the matter. A deal could ...