Abertis lines up bankers for EastLink tilt after Transurban knock back
Bad news on Thursday morning for the fifty-strong team advising Transurban on its pursuit of Melbourne’s EastLink toll road, after the competition regulator said it would oppose any acquisition.
Good news, however, for Abertis Infraestructuras, Spain’s largest toll road operator, whose presence in the auction was revealed by Street Talk in June and confirmed by the company in late July. It is understood the company, backed by CIMIC’s owner Groupo ACS, has hired Citi and JPMorgan for its tilt – a heavyweight combo of infrastructure bankers. So far, it looks like Abertis, with its seriously deep pockets, will bid alone.
Transurban, which operates CityLink (pictured), is looking to buy the EastLink tollroad. Wayne Taylor
Up for sale is a controlling stake in ConnectEast, which owns the 39 kilometres EastLink connecting Melbourne and the Mornington Peninsula.
RBC Capital Markets is running the process on behalf of current investors which include Dutch pension giant APG, Korea’s National Pension Service, the New Zealand Superannuation Fund, CIC, Britain’s Universities Superannuation Scheme, and a number of other pension funds and investment houses like Korea’s Mirae.
Tyre kickers and serious suitors alike were waiting for the Australian Competition and Consumer Commission’s verdict on Transurban’s bid for EastLink before working out what they would do. On the local front, Queensland Investment Corporation had previously sounded out potential partners for a bid if Transurban was rebuffed. So too had IFM Investors.
Another investor to watch is DIF Capital Partners, a Dutch infrastructure fund with €16 billion ($26.5 billion) in assets under management.
Transurban was being advised by Barrenjoey and Azure Capital and had Morgan
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