Aussie regulator allows Transurban's bid for Queensland highways
Date
April 10, 2014
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The Australian Competition and Consumer Commission said in a statement it will not oppose Transurban Group's proposed acquisition of Queensland Motorways (QM) Group.
Transurban's tollroad operations are based in NSW and Victoria, while QM Group's activities are limited to Queensland, the ACCC said.
ACCC chairman Rod Sims said the deal was unlikely to substantially lessen competition.
The deal would increase Transurban's electronic tag base nationally, but due to the limited degree of interstate travel by motorists, combining the businesses was unlikely to increase Transurban's ability to raise roaming fees and affect the competitiveness of rival bids in each state, the ACCC said.
According to sources, three consortia submitted indicative bids for Queensland Motorways:
- Australia's Hastings Funds Management, Kuwait Investment Authority, Spanish toll road operator Abertis Infraestructuras and Dutch pension fund Algemene Pensioen Groep (APG)
- Transurban Group, superannuation fund AustralianSuper and Abu Dhabi Investment Authority
- IFM Investors, Canada's Ontario Teachers' Pension Plan and Borealis Infrastructure.
