Transurban Takes Control of Sydney Tolls For $8.1 Billion (1)

Australian toll-road operator Transurban Group and three partners will pay A$11.1 billion ($8.1 billion) to acquire the remaining half stake they don’t already own in a network of Sydney cross-city routes.

The company’s Sydney Transport Partners consortium has prevailed in an auction run by the New South Wales state government to privatize its 49% ownership of tolled tunnel network Westconnex, the government said in a statement Monday.

Transurban will raise A$3.97 billion in a share sale to help fund the deal, it said in a separate statement. It will raise a further A$250 million in a placement to consortium partner ...