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AUSTRALIA'S TRANSURBAN TO ACQUIRE US TOLLWAY CONCESSION.
MELBOURNE, May 3 Asia Pulse - Tollway operator Transurban Group (ASX:TCL) has agreed to acquire a 99-year concession on the Pocahontas Parkway in Virginia in the United States.
Total upfront funding for the road is $A815 million ($US618.87 million), and Transurban will contribute $A255 million ($US193.63 million) in equity to have 100 per cent control of the project.
The Pocahontas Parkway is a 14 kilometre four-lane toll road southeast of the city of Richmond, linking the counties of Henrico and Chesterfield.
The road provides a crossing of the James River and provides access to the Richmond International Airport.
"This is a value-accretive deal that protects and will later enhance Transurban's distribution profile," Transurban managing director Kim Edwards said.
Mr Edwards said the Pocahontas Parkway had a solid growth outlook at the right time in its life cycle and would be a catalyst for future economic development in the Richmond area.
The road would also give Transurban an operational foothold in the state of Virginia, where Transurban is also negotiating two Virginian HOT lane projects.
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