King & Wood Mallesons and Allens have the lead roles on a $6.6 billion deal that will see a consortium led by Australia’s largest toll road operator Transurban Group buy regional competitor Queensland Motorways Ltd.
State-owned investment fund QIC Ltd. is selling Queensland Motorways as part of a nationwide effort by the government to encourage domestic and foreign investment in the infrastructure sector.
Transurban, listed on the Australian Stock Exchange, has a 62.5 percent stake in the consortium, which also includes pension fund Australian Super Pty. Ltd. and a subsidiary of the Abu Dhabi Investment Authority. The acquisition will add 70 kilometers of tolled roads, tunnels and bridge in Queensland to Transurban’s current portfolio, which includes roads in Melbourne, Sydney and the United States.
The deal is expected to close in the third quarter.
Sydney partners Peter Doyle, Mark Upfold and Claire Rogers are leading the team at King & Wood Mallesons advising Transurban and the consortium. Herbert Smith Freehills Melbourne partner Andrew Clark is also acting for Transurban on the transaction.
Allens Sydney partners Tom Story and Kylie Brown are representing QIC.