CP2 will acquire local toll road operator ConnectEast in a deal that will value the company at $2.4 billion, Bloomberg reports. The Australian infrastructure investor already owns 35% of ConnectEast, which owns the EastLink toll road in Melbourne.
CP2 raised $1.51 billion from its investor group, which includes National Pension Service of Korea and Teachers Insurance and Annuity Association of America to fund the offer. CP2 appointed Flagstaff Partners as financial adviser, while ConnectEast hired Macquarie Capital, adds Reuters.
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