Finance / United States
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Abertis Consortium Wins Pennsylvania Turnpike Auction With US$12.8bn Bid
May 2008 | Privatisation News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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The consortium made up of Abertis Infrastructure, Citigroup and Criteria CaixaCorp has won the auction for the right to operate Pennsylvania's Turnpike for 75 years. The auction, arranged by the state's governor, Edward Rendell, is the latest effort to raise funds to fuel infrastructure repair and capital for the state's 73 public transit agencies. The Abertis consortium bid US$12.8bn, beating Goldman Sachs Group and Transurban Group's offer of US$12.1bn. If the deal meets final approvals Abertis will own 50% of the turnpike, while Citigroup will own 41.7% and Criteria CaixaCorp will own the remaining 8.3%. The turnpike will be controlled