September 3, 2018 / 12:05 AM / a year ago

Australia's Transurban says regulator approves consortium's WestConnex stake

Sept 3 (Reuters) - Transurban Group said on Monday that Australia’s foreign investment regulator had no objection to a Transurban-led consortium buying a majority stake in one of the country’s largest infrastructure projects.

The Foreign Investment Review Board (FIRB) gave the green light to the investment by foreign partners in the consortium’s A$9.3 billion ($6.7 billion) bid for a 51 percent stake in WestConnex toll road from the New South Wales Government, if standard tax and data storage conditions were met.

Transurban being Australian did not need approval for the largest privatisation by sale in Australia, but foreign partners like the Canada Pension Plan Investment Board (CPPIB) and Abu Dhabi sovereign wealth fund Tawreed Investments Group did need the regulator’s nod.

$1 = 1.3916 Australian dollars Reporting by Aaron Saldanha in Bengalurul; Editing by Stephen Coates

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