Transurban is (ASX:TCL) completes institutional raising of $2.9b

Resuming trade today, roads developer Transurban Group’s (ASX: TCL) has raised $2.9 billion through their institutional component in a bid to takeover WestConnex.

This portion of the capital raise of $3.97 billion equity raising was at an 8.3 per cent discount of $13.00 per share resulting in the issue of approximately 223 million new Transurban shares. 

The balance will be raised via a placement to Sydney Transport Partner (STP) consortium member AustralianSuper at $13.07 per security to raise $250 million. This is on top of AustralianSuper taking up their full entitlement under the entitlement offer.

For retail investors who want to jump in on the deal, applications will be open next Monday, 27 September for the same offer in which they have until Friday 8 October to take up their entitlement.

This came after the $39 billion roads developer launched an equity raising on Monday to acquire the remaining 49 per cent stake in WestConnex from the NSW Government for $11.1 billion. It would mean that Transurban and STP would own 100 per cent of WestConnex.

Chief executive officer Scott Charlton said “the acquisition of the remaining 49 per cent equity stake in WestConnex is a privilege for Transurban and its consortium partners, and we thank our investors for supporting this transaction.”

Shares in Transurban Group’s (ASX: TCL) are trading 1.8 per cent lower at $13.93.