TCL has announced this morning that it has won the bid for the rump of WestConnex that it does not own. Originally the NSW government was set to auction off two tranches of the motorway in equal portions, but it seems that they have decided that with such a dominant position, TCL might as well buy the whole kit and kaboodle. The details of the deal have been announced and the TCL consortium is paying around $11.1bn for the 49% it does not own.

• TCL will raise $4.22bn of new equity, including $3.97bn through a fully underwritten, 1 for 9 Entitlement Offer to eligible security holders at an offer price of $13.00 (Offer Price) per security. The Offer Price represents an 8.3% discount to Transurban’s closing price of $14.18 on 17 September 2021, and a 7.5% discount to TERP of $14.06.
• TCL will also raise $250m through a placement to AustralianSuper. The deal is through the consortium Sydney Transport Partners and now includes a new partner Caisse de dépôt et
  placement du Québec (CDPQ). The Canadians love our infrastructure assets.
• WestConnex has close to 40 years concession life remaining. The additional ownership in WestConnex, including the extension to the M5 West concession from 2026, extends Transurban’s weighted average concession life to approximately 30 years.