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Transurban-led group secures foreign investment regulator's nod for WestConnex

Australia's Foreign Investment Review Board approved a Transurban Group-led consortium's proposed acquisition of a 51% stake in the WestConnex project.

The approval is subject to standard tax conditions applying to all FIRB approvals and operational data storage and access conditions. Earlier, the Australian Competition and Consumer Commission said it will not object to the proposed acquisition by Sydney Transport Partners, the consortium comprising Transurban, AustralianSuper, CPPIB and Abu Dhabi Investment Authority unit Tawreed Investments Ltd.

WestConnex is a partially completed motorway project in Sydney. Transurban expects to close the transaction in late September, subject to customary closing conditions.