Two groups bid for Pa. Turnpike lease: WSJ
PHILADELPHIA (Reuters) - At least two groups submitted undisclosed cash offers for the 75-year lease of the Pennsylvania Turnpike, The Wall Street Journal reported on Sunday.
One group is led by Spanish toll-road operator Abertis Infraestructuras SA, while the second group includes Spain's Cintra Concesiones de Infraestructura de Transporte SA and Australia's Macquarie Infrastructure Group, the newspaper said in a report on its website.
The firms were not immediately available to comment.
Morgan Stanley had advised Pennsylvania's government that a long-term lease of its roadway could cover the $1.7 billion for its annual highway and transit needs, estimating the value of the 500-mile highway at $12 billion to $18 billion, the report said.
(Reporting by Jessica Hall, Editing by Jacqueline Wong)
(For more M&A news and our DealZone blog, go to here)
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