RBC Capital Markets will advise EastLink toll road’s owners on their exit options after winning a pitching battle between a handful of local investment banking teams.
It is understood the Canadians were mandated over the holiday break and will start shopping the up-for-grabs stake to potential buyers in the coming months.
Transurban is seldom beaten in Australian toll road auctions. Its hurdle at EastLink may be overcoming an existing shareholders’ agreement, which prevents toll road operators from buying into the road. The agreement is seen as a hurdle, rather than an immovable obstacle. EastLink’s investors are a consortium of mostly offshore superannuation and pension funds. The funds include APG, which has a 15 per cent stake, Korea’s National Pension Service , NZ Superannuation Fund , CIC , Teachers Insurance and Annuity Associate of America , UK-based Universities Superannuation Scheme , Denmark’s ATP . Mirae, CP2 and Terdot Pty Ltd also have stakes worth 5 per cent or less, according to ASIC filings.
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