In morning trade the toll road operator’s shares are up 1% to $14.24.
What did Transurban announce?
This morning Transurban provided the market with a trading update and announced an agreement to sell a 50% interest in its Transurban Chesapeake assets.
In respect to the latter, the company has agreed to sell the 50% stake to AustralianSuper, Canada Pension Plan Investment Board, and UniSuper for gross sale proceeds of A2.8 billion (US$2.1 billion).
The deal also includes a potential earn-out between FY 2024 and FY 2026 of up to A$93 million (US$70 million).
In addition to this, its Chesapeake partners have exclusive development rights to invest alongside Transurban on future brownfield and greenfield growth opportunities in the Commonwealth of Virginia, State of Maryland and Washington D.C., as well as enhancements to existing concessions.