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Macquarie Infrastructure Group sells stake in toll road.
SYDNEY, Dec 1 Asia Pulse - Toll road owner Macquarie Infrastructure Group (ASX:MIG) has sold its entire stake in Sydney's Westlink M7 toll road to Western Sydney Road Group (WSRG) for $A805 million ($US525.95 million).
MIG will reap net proceeds of $402.5 million from the sale of the 47.5 per cent stake.
WSRG is jointly owned by MIG and an unnamed "leading Australian institutional investment manager.
WSRG will have the same voting and control rights in Westlink that MIG had under the current 50/50 ownership structure of Westlink with Transurban Group.
Chief executive John Hughes also said MIG was in talks with third party investors about selling its 50 per cent interest in WSRG.
"Any sell down of MIG's interest in WSRG will be subject to the pre-emptive rights of the existing Westlink shareholder ...
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