The consortium comprising Transurban Group (62.5%), AustralianSuper (25%) and Tawreed Investments Limited (12.5%), a wholly-owned subsidiary of the Abu Dhabi Investment Authority, has reached financial close on the acquisition of Queensland Motorways for US$6.673 billion, plus stamp duty and transaction costs of $0.447 billion.

Transurban CEO, Scott Charlton, stated:

The acquisition of Queensland Motorways strengthens Transurban's presence on Australia's eastern seaboard through the addition of this major urban network of roads in Australia's third largest city. We are now focused on integrating the Queensland Motorways portfolio into the broader Transurban business to ensure this network operates as efficiently as possible. Transurban is an experienced and active manager of its portfolio of roads, and we see opportunities in Brisbane to build on the work of the Queensland Motorway's management team. We look forward to working with our Government partners to improving the operation of this network for our customers.

The Queensland Investment Corporation (QIC), a government owned corporation based in Brisbane, held the investment in Queensland Motorways on behalf of the state's Defined Benefit Fund, which funds superannuation obligations for retired workers.

The state Government transferred Queensland Motorways to QIC in May 2011 for a market-value price of A$3.088 billion on an enterprise value basis. Since then the business has been substantially transformed, and has just reached contractual agreement to acquire Brisbane's Clem7 Tunnel for A$618 million, tolling rights for the city's A$1.5 billion Legacy Way tunnel and the A$308 million Go Between bridge.

QIC worked with Macquarie Group and UBS as financial advisers for the sale of the assets.

Transurban is a leading international developer, owner and operator of toll roads. Transurban's network encompasses 150.6km of roads across the eastern seaboard of Australia and Northern Virginia in the USA. Listed on the Australian Securities Exchange since 1996 Transurban has a current market capitalisation of over A$10 billion and enterprise value of approximately A$18 billion.

AustralianSuper is one of Australia's largest superannuation funds with more than two million members and over $73 billion in funds under management. AustralianSuper has been an active investor in infrastructure since 1994, with direct and indirect ownership in over 100 different infrastructure assets.

Tawreed Investments Limited: Tawreed is a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Tawreed has made a number of investments in critical infrastructure assets including Port Botany and Port Kembla.