(Adds detail, background)
Sept 20 (Reuters) - A consortium led by Australia's Transurban Group (TCL) will buy a 49% stake in Sydney's WestConnex toll-road project for A$11.1 billion ($8.06 billion), the toll-road operator said on Monday, giving it complete control of the toll-road market in Sydney.
The toll-operator said it would raise A$4.22 billion to pay for its part of the joint-purchase, which it won alongside the Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, AustralianSuper, and a Canada-based institutional investor, CDPQ.
In 2018, the consortium had acquired https://www.reuters.com/article/transurban-contract-sydney-idUSL3N1VL714 51% interest in the WestConnex project for A$9.3 billion.
The deal gives Transurban, which is the biggest shareholder in Sydney Transport Partners, total dominance of Sydney's toll-road market and reflects increasing demand for infrastructure assets in the country amid record-low interest rates.
Transurban expects to receive more than A$600 million of potential capital releases until FY25 from the increased stake, it said in a statement.
($1 = 1.3772 Australian dollars)
(Adds detail, background) Sept 20 (Reuters) - A consortium led...
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