asx release
1 April 2021
TRANSURBAN REACHES FINANCIAL CLOSE ON CHESAPEAKE PARTNERSHIP
Transurban announces that it has reached financial close on the sale of a 50% interest in its Transurban Chesapeake assets to AustralianSuper, Canada Pension Plan Investment Board (CPP Investments) and UniSuper for gross sale proceeds of USD2.1 billion, plus a potential earn-out between FY24 and FY26 of up to USD70 million1.
Transurban Chesapeake comprises Transurban's Greater Washington Area operational assets which include the 495 Express Lanes, 95 Express Lanes and 395 Express Lanes, as well as three projects in delivery and development (the Fredericksburg Extension, 495 Express Lanes Northern Extension and the Commonwealth of Virginia's commitments under the Capital Beltway Accord)2.
Transurban Chief Executive Officer, Scott Charlton, said the North American business was positioned for its next stage of growth.
"This transaction leaves Transurban well-capitalised to participate in the pipeline of opportunities which are materialising in our core markets and we look forward to working with AustalianSuper, CPP Investments and UniSuper on accelerating that growth in the Greater Washington Area."
Investor enquiries | Media enquiries |
Tess Palmer | Sarah Chapman |
Head of Investor Relations | Manager, Media, Government and Industry |
+61 458 231 983 | +61 400 841 898 |
This announcement is authorised by Transurban CEO, Scott Charlton.
- Gross sale proceeds of USD2.1 billion excludes Transurban's transaction costs, typical completion adjustments and estimated tax on sale of USD0.2 billion. Theearn-out mechanism will be based on a cumulative revenue target trigger and subject to the achievement of minimum EBITDA thresholds. Upon meeting those triggers, an earn-out up to the earn-out cap will be paid between FY24 and FY26.
- See Transurban ASX announcement 'Transurban Chesapeake Partnership Announcement and Traffic Update' dated
- December 2020 for further information.
Classification | Transurban Group | |
Transurban International Limited | ||
ABN 90 121 746 825 | ||
Transurban Holdings Limited | ||
ABN 86 098 143 429 | Level 31 | |
Transurban Holding Trust | Tower Five, Collins Square | |
ABN 30 169 362 255 | 727 Collins Street | |
ARSN 098 807 419 | Docklands | |
Victoria 3008 Australia | ||
corporate@transurban.com | Telephone +613 8656 8900 | |
www.transurban.com | Facsimile +613 8656 8585 |
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Transurban Group Ltd. published this content on 01 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2021 08:07:04 UTC.