Consortium signs of for chance to add WestConnex to bulging portfolio
Transurban-led consortium Sydney Transport Partners (STP) has refused to be swayed by competition authority and trucking industry concern over its possible control of Sydney’s WestConnex.
The giant toll-roads operator Transurban has put in the grouping’s bid for a 51 per cent of the Sydney Motorway Corporation (SMC) following NSW treasurer Dominic Perrottet’s statement on Friday saying the state government was open to all-comers for the project.
Perrottet made the position plain just after the Australian Competition and Consumer Commission (ACCC) announced it would examine such a bid in more detail and delay its decision date to September 6, a move the Australian Trucking Association (ATA), which has made no secret of its concern, applauds.
Read why the ATA backs further ACCC study on WestConnex here
The ACCC formally began the review under Merger Process Guidelines in February.
All bidders were informed they could engage with the ACCC at the start of the conditional bid phase in early December.
Confident of its position after competition discussions since December, Transurban acknowledges its bid is conditional on ACCC and the Foreign Investment Review Board (FIRB) approvals.
“We will continue to work constructively and collaboratively with both agencies to enable the NSW Government to conclude its process as expeditiously as possible and achieve the best outcome for NSW taxpayers and road users,” CEO Scott Charlton says.
“Transurban is an experienced owner operator with capabilities in a range of areas that lead to better outcomes for drivers on our roads.
“We have over 2000 professionals in our business across multiple disciplines, who are focused on enhancing road operations, applying new technologies, improving customer interfaces and the on-road experience.”
Perrottet says the New South Wales government accepted a recommendation from the WestConnex Equity Sale Steering Committee to proceed with the sale as planned.
“The Government has a very strong track record of successfully completing a wide range of asset transactions and I am confident in our ability to deliver another excellent result for the people of NSW,” Perrottet says, adding that it is “committed to securing the best outcome from the transaction for the people of NSW”.